|Program (?)||HUD Multi-Family Preservation Loan Program|
The HUD Multi-family Preservation Loan Program facilitates the refinancing of troubled projects with existing mortgages from HUD. The program targets buildings that are at-risk of converting to market-rate rents or that face challenges to financing acquisition or rehabilitation while maintaining building affordability. The Multi-family Preservation Loan Program provides low-interest loans to preserve and rehabilitate housing. Moderate or substantial rehabilitation of existing multi-family projects are eligible uses and preserving the affordability of properties receiving HUD Section 8 Housing Assistance Payments is a priority. HPD provides city capital or federal HOME funds at one-percent interest.
Allowable income levels and rents depend on the type of subsidy and on the affordability restrictions already in place. Preservation projects may be subject to LIHTC and HUD affordability and use restrictions. After rehabilitation is completed, all units are registered in the New York State Rent Stabilization system.
|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)|
|Developer/Owners (?)||For-Profit, Non-Profit|
|Property Information (?)|
|Occupant Tenure (?)||Rental|
|Occupant Income Restrictions (?)||Varies|
|More Information||NYC HPD|
|Available on CoreData.nyc?||Yes|
|Last Updated||December 2016|
|Data Source||New York City Department of Housing Preservation and Development|
Data from New York City Department of Housing Preservation and Development accessed November 2016.