The Affordable Cooperative Housing Program was funded by taxable bonds financed under the Housing Development Corporation (HDC) Multi-Family Secured Mortgage Revenue Bonds Resolution. HDC financed the development of affordable cooperatives by providing a construction loan and a permanent mortgage for the cooperative. HDC also provided subordinate financing for a second mortgage during construction; the low-interest rate on the subordinate loan was blended with the first mortgage to reduce the overall interest rate paid by the developer. In exchange for this funding, HDC required the developer to build at least 50 affordable units and to sell a maximum of 25 percent of the units in the building at market price. Though income requirements varied, most affordable apartments went to households with incomes up to 175 percent of Area Median Income (AMI).