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Directory of NYC Housing Programs

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Home Improvement Program

Program (?) Home Improvement Program
Abbreviation HIP
Program Description

The Home Improvement Program (HIP) provides loans to assist income-eligible owner-occupants of single- to four-family homes to make repairs to masonry, roofs, plumbing, and other building systems in need of repairs. Eligible borrowers obtain market rate loans from participating private lenders, which is combined with zero-percent interest rate loans from HPD capital sources, in order to create BMIR loans. Interest rates depend on family size and the income of the borrower. The combined loans carry interest rates ranging between 2.5 percent for a family of four with an income below $63,350, and five percent for a family of four with an income as high as $110,850. The maximum loan amount offered is $30,000 to be repaid over ten years. Should the homeowner sell his or her home within three years of receiving a HIP loan, s/he must repay 100 percent of the HIP loan to HPD.

Related Programs HIP Options Loans
Neighborhood Housing Services Home Repair Loans
Small Homes Improvement Program
Benefit Classification (?)  
Supply or Demand Demand
One-Time or Ongoing One-Time
Benefit Type (?) Financing
Government Agency (?) NYC Dept of Housing Preservation and Development
Program Information (?)  
Scale Medium Scale (between 1,000 and 4,999 units produced)
Timeframe 1982-Present
Developer/Owners (?) Owner-Occupant
Property Information (?)  
Building Type One- to Four-family
Construction Type Rehabilitation
Occupant Tenure (?) Homeownership
Occupant Income Restrictions (?) Moderate-Income
More Information NYC HPD
NYC HPD (Program Application)
Available on CoreData.nyc? No

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