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Directory of NYC Housing Programs

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Article 8A Loan Program

Program (?) Article 8A Loan Program
Program Description

Originally established as Article 8-A of the New York Private Housing Finance Law, the Article 8A Loan Program provides loans to ameliorate substandard conditions and to prolong the useful life of residential buildings. In order to qualify for the program, the income for residents in rental buildings may not exceed 130 percent of AMI, and for HDFC cooperatives, income may not exceed 120 percent of AMI over the term of the loan. Loans in amounts up to $35,000 per dwelling unit are available to individuals, partnerships, or corporations that own the building or have a right to purchase. Building condition and finances must demonstrate a need for funds, and owners must be unable to obtain financing privately. The below-market, fixed interest rate is three percent or less, and there is a prepayment surcharge within the first five years of the loan term, which may not exceed the lesser of 30 years or the useful life of the improvements. After rehabilitation, real property taxes may be eligible for abatement, and the rent regulation status of the units in the building remains unchanged.

Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing One-Time
Benefit Type (?) Financing
Government Agency (?) NYC Dept of Housing Preservation and Development
Program Information (?)  
Scale Very Large Scale (over 10,000 units produced)
Timeframe 1967-Present
Developer/Owners (?) For-Profit, Non-Profit, Owner-Occupant
Property Information (?)  
Property Occupancy Occupied
Property Type Building
Building Type Multi-family
Construction Type Rehabilitation
Occupant Tenure (?) Rental, Homeownership
Occupant Income Restrictions (?) Moderate-Income
More Information Public Advocate for the City of New York
Available on CoreData.nyc? Yes
Last Updated December 2016
Data Source New York City Department of Housing Preservation and Development
CoreData.nyc Notes

Data from New York City Department of Housing Preservation and Development accessed November 2016.

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