• Agency: NYC Housing Development Corporation (NYC HDC)
• Status: Currently Available

The New York City Housing Development Corporation’s (HDC) Preservation Program provides tax-exempt, first-position bond financing, which brings as-of-right 4 percent Federal Low Income Housing Tax Credits (LIHTC), for the acquisition and moderate rehabilitation of existing projects. No HDC second subsidy mortgage funds are available. The project must have a minimum of 50 units and incur rehabilitation costs of no less than the greater of: (i) $6,000/unit or (ii) 20 percent of eligible basis; and 15 percent of the amount of acquisition costs financed by the bond proceeds. Units must have rents set up to 60 percent of Area Median Income (AMI), or levels required by additional subsidy providers.