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Mitchell-Lama Rehabilitation and Preservation Program

Program (?) Mitchell-Lama Rehabilitation and Preservation Program
Abbreviation RAP
Program Description

HFA’s Mitchell-Lama Rehabilitation and Preservation Program (RAP) offers low-cost financing to Mitchell-Lama project owners for capital improvements and building renovations. In exchange, owners are required to keep rents affordable for an additional 40 years beyond the current restriction period. HFA finances RAP loans from a number of sources, including tax-exempt private activity bonds, federal low-income housing tax credits, tax-exempt 501(c)(3) bonds for eligible non-profit organizations, and taxable bonds. The minimum loan amount for the RAP program is $1,000,000.

Benefit Classification (?)  
Supply or Demand Demand
One-Time or Ongoing One-Time
Benefit Type (?) Financing
Government Agency (?) NYS Department of Homes and Community Renewal
Program Information (?)  
Scale N/A
Developer/Owners (?) For-Profit, Non-Profit
Property Information (?)  
Property Occupancy Occupied
Property Type Building
Building Type Multi-family
Construction Type Rehabilitation
Occupant Tenure (?) Rental, Homeownership
Occupant Income Restrictions (?) No Restrictions
More Information NYS HCR
NYS HCR (PDF)
Available on CoreData.nyc? No

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