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Directory of NYC Housing Programs

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Low-Income Program

Program (?) Low-Income Program
Program Description

The Low-Income Program provides additional subsidy towards the financing of new construction of low-income multi-family rental projects affordable to households earning up to 60 percent of AMI. Construction and permanent financing are provided by private institutional lenders and state or city housing agencies.

To be eligible for the subsidy, borrowers must be a HDFC non-profit organization, or a for-profit organization in partnership with a HDFC. Borrowers must also have experience developing and marketing similar projects. Project must be new construction in which 80 percent of units are affordable to households with incomes less than 60 percent of AMI. In addition, at least 20 percent of the units must serve formerly homeless households (Section 8 vouchers may be available) or households earning less than 40 percent of AMI. Projects may include a tier of units affordable to households at 61 percent to 90 percent of AMI as dictated by other funding sources, but the requirements listed above still must be met in order for the project to be eligible for this funding.

Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing One-Time
Benefit Type (?) Grant
Government Agency (?) NYC Dept of Housing Preservation and Development
Program Information (?)  
Scale Medium Scale (between 1,000 and 4,999 units produced)
Timeframe 2008-Present
Developer/Owners (?) For-Profit, Non-Profit
Property Information (?)  
Property Occupancy Vacant
Property Type Land
Building Type Multi-family
Construction Type New Construction
Occupant Tenure (?) Rental
Occupant Income Restrictions (?) Very Low-Income
Other Targeting Information (?) Some units serve previously homeless households
More Information NYC HPD
Available on CoreData.nyc? No

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