• Agency: NYC Housing Development Corporation (NYC HDC)
• Status: Unavailable

The New York City Housing Development Corporation (HDC) created the Municipal Assistance Corporation program (MAC) with $100 million of surplus revenue generated by the Municipal Assistance Corporation, a state agency that sold about $10 billion in bonds during New York City’s mid-1970s financial crisis. It was the city’s first rental production program for low-, moderate-, and middle-income households since the fiscal crisis. HDC used the MAC Program to provide annual interest reduction or operating subsidies for properties financed by HDC. The program reserved 20 percent of units for low-income tenants, and the remainder of units were rented to moderate- and middle-income renters.