HPD's Open Door program funds the new construction of cooperative and condominium buildings affordable to moderate and middle income households. Where dictated by lot size, the program may also fund the construction of new one to three family homes.
Upon construction completion, the developer will sell the ownership units to households who agree to owner-occupy their units for the length of the regulatory period. If the purchaser sells or refinances during the regulatory period, the purchaser may realize up to 2% appreciation on the original purchase price per year of owner occupancy. Upon resale, the purchaser will also be required to sell to a household making no more than the project’s income cap.
In order to be eligible for HPD-issued Capital funds, it is required that a borrower be a Housing Development Fund Corporation either alone or in partnership with for-profit developers, limited partnerships, corporations, trusts, joint ventures, or limited liability companies.
Open Door Program
100 Gold Street, Room 9I-5