HPD's Senior Affordable Rental Apartments (SARA) Program provides gap financing in the form of low interest loans to support the construction and renovation of affordable housing for seniors, 62+ years in age, with low incomes. Projects developed with SARA funding must also set aside 30% of units for homeless seniors referred by a City or State agency, typically the New York City Department of Homeless Services. SARA loans carry a minimum 30 year term and may be up to $75,000 per unit.
HPD's Division of Special Needs Housing accepts proposals for SARA funding throughout the year on a rolling basis. The process begins with a project summary package that outlines the proposal and includes information about the sponsor, the site, and the population to be housed; a plan for providing and paying for supportive services; and the proposed financing. Please review the SARA Program term sheet and HPD design guidelines for new construction or substantial rehabilitation, as applicable.
The population of city residents who are at least 65 years old is projected to increase by 40 percent between 2010 and 2040. This means that we will need to house more than 400,000 additional seniors in the coming years. Our seniors are more likely to be low-income, to be rent-burdened, and to live on a fixed income than other city residents.
To reach more of our growing senior population, the de Blasio Administration has committed to creating or preserving 30,000 senior households by 2026 under the Housing New York plan. To meet this commitment, HPD launched Seniors First.