HUD Multifamily Program

HUD Multifamily Program

The HUD Multifamily Program leverages public resources and private sector financing to rehabilitate, recapitalize and preserve privately-owned HUD-assisted rental housing throughout New York City. The Program’s mission is to ensure low-income households remain in affordable apartments over the long term, to promote financial and physical stability, and to promote revitalized neighborhoods.

Eligible Buildings

To be eligible, buildings must be HUD-assisted which is defined as properties where a majority of the units are covered by a form of project-based rental assistance including various types of Housing Assistance Payment (HAP) contracts, Moderate Rehabilitation (MOD-Rehab), Moderate Single Room Occupancy(MOD-SRO) or Rental Assistance Demonstration Phase II (RAD) contracts and/or properties that received federal subsidies through programs including the HUD 202 or 236 programs.

Program Overview

The Program provides tax exemptions and/or low interest loans at below market interest rates. Combined with traditional bank or federally-insured loan products, the blended financing rate is below market. Projects may be eligible to apply in HPD’s competitive rounds of the Federal Low-Income Housing Tax Credits (LIHTC) and utilize other sources of financing. The subsidy limit per assisted dwelling unit is $35,000.

For more information on the program terms, see the tax exemption term sheet and subsidy term sheet.

How to Apply

Complete the following application form and submit to hpdhudmf@hpd.nyc.gov.

Our team will be in touch to further discuss the program and guide you through the application process.