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Participation Loan Program - New Construction

Program (?) Participation Loan Program - New Construction
Abbreviation PLP NC
Program Description

The Participation Loan Program- New Construction provides low-interest loans to construct housing for low- to moderate-income households. HPD provides up to $70,000 at one percent interest for property owned by New York City, or $85,000 per unit at one percent interest for privately-owned sites. The below-market interest rate loan amount is based on the affordability of units. If 100 percent of the units are rented to households with an income below 130 percent of AMI, the subsidy may be up to $85,000. If 100 percent of units are available to households with an income below 60 percent of AMI, the developer may receive up to a $50,000 subsidy in addition to an allocation of nine percent Low-Income Housing Tax Credits.

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 Small Scale (between 1 and 999 units produced)
Timeframe 2006-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, Moderate-Income
More Information NYC HPD
Available on CoreData.nyc? No

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