HPD’s Mixed Income Program: Mix & Match funds the new construction of mixed income multi-family rental projects in which 40%-60% of the units are at low income rents affordable to households earning up to 80% of Area Median Income (AMI) and the other 40%-60% of units have rents affordable to moderate and/or middle income households earning up to 120% of AMI. Projects must have a range of affordability tiers.
HPD subsidy is to be paired with other public and private sources including but not limited to: private institutional lenders; New York City Housing Development Corporation (HDC) programs such as HDC’s Mixed Income Mix and Match program; New York State Homes and Community Renewal (HCR) programs such as Homes for Working Families Initiative (HWF), Low Income Housing Trust Fund Program (HTF), Middle Income Housing Program (MIHP), New York State Low Income Housing Tax Credit Program (SLIHC), Federal Low Income Housing Tax Credit Program (LIHTC), and New York State Housing Finance Agency programs.
In order to be eligible for Capital funds, a borrower must be a Housing Development Fund Corporation either alone or in partnership with non-profit entities, for-profit Developers, limited partnerships, corporations, trusts, joint ventures, or limited liability companies.
The development team must have demonstrated a track record of successfully developing, marketing, and managing the type of project proposed or must form a joint venture with an entity with such expertise. Borrowers must demonstrate sufficient financial stability and liquidity to construct and operate the project.
Multifamily New Construction Programs
100 Gold Street, Room 9I-5