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Directory of NYC Housing Programs

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Housing Development Fund

Program (?) Housing Development Fund
Abbreviation HDF
Program Description

The Housing Development Fund (HDF) is a revolving loan fund program that provides interest-free interim loans to non-profit organizations to develop low-income housing projects. HDF loans last three years; eligible uses include pre-development costs, site acquisition, construction or rehabilitation financing, and other project development costs that are traditionally covered with a mortgage. The short-term financing provided through HDF is later repaid from the equity contributed by investors in low-income housing tax credit projects, or from any other program that is providing financing, whether a public or private source. HDF loans are divided into three categories: pre-development loans, acquisition loans, and construction loans. HDF loans also finance LIHTC projects that require bridge financing for longer periods of time. These loans are provided for terms of seven years, at one-percent interest rates. Occupants in HDF loan housing cannot have incomes exceeding six times the total housing cost (rent and utilities). However, for households with three or more dependents, the income must not exceed seven times the total housing cost.

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 Medium Scale (between 1,000 and 4,999 units produced)
Timeframe 1966-Present
Developer/Owners (?) For-Profit, Non-Profit
Property Information (?)  
Property Occupancy Vacant
Property Type Land, Building
Building Type Multi-family
Construction Type Rehabilitation, New Construction
Occupant Tenure (?) Rental, Homeownership
Occupant Income Restrictions (?) Low-Income
More Information NYS HCR
Available on CoreData.nyc? No

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