• Agency: NYC Department of Housing Preservation and Development (NYC HPD)
• Status: Projects Under Regulation

The Low Income new construction program provides additional subsidy towards the financing of new construction of low-income multi-family rental projects. 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 Housing Development Fund Corporation (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 Area Median Income (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.