The Multifamily Housing Rehabilitation Loan Program (HRP) ) provides rehabilitation loans for the replacement of major building systems in multifamily buildings, including but not limited to roof and window replacement, building envelope work (Local Law 11 and pointing), and upgrades to the heating, electrical, and/or plumbing systems. This program is most suitable for multi-family buildings needing moderate rehabilitation or replacement of 1-3 building systems that have no or limited ability to leverage private financing.
Owners of rental or cooperative buildings with 3 apartments or more are eligible to apply. The loans must be used for residential work only (not commercial spaces).
HPD can lend up to $35,000 per residential unit for all buildings requiring moderate rehabilitation work. Projects with substantial lead treatment needs will have access to an additional $10,000 per residential unit to treat lead-based paint hazards (“Lead Treatment Funds”). Projects may be eligible for a full or partial property tax exemption.
For more information on the loan terms (including the interest rates), see the HRP term sheet.
In exchange for HPD’s financial assistance, participants enter into an affordability agreement with HPD for the duration of the loan term.
The Multifamily Housing Rehabilitation Loan Program (HRP) is temporarily pausing intake and review of applications until January 18, 2022. Please submit your project application and supporting documentation after January 18th. Thank you for your interest and we look forward to working with you in the future.
Once you submit an application, our team will be in touch to further discuss the program and guide you through the process.