New York City’s Participation Loan Program (PLP), started in 1978, provides low-interest loans and tax exemptions to multi-family building owners to facilitate the moderate or substantial rehabilitation and affordability of housing for low-to-moderate income households. Financing may also be available for limited acquisition costs. In a PLP loan, a subsidy from the New York City Department of Housing Preservation and Development (HPD) is combined with private financing. The maximum subsidy permitted ranges from $40,000 to $90,000 per unit, depending on the other financing used and the rents charged to residents and other financing sources. The 30-year loan is provided at a below-market interest rate. This program is intended to finance the renovation of apartments and has occasionally been used to rehabilitate vacant properties.