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