The Development Services Program was created in 1987 to provide loans through the NYC Housing Development Corporation (HDC) to government agencies, including the NYC Department of Housing Preservation (HPD) and private entities for affordable housing programs and projects. The Development Services Program provides pre-development loans through the following programs, of which only the Seed Money Loan Program, the Working Capital Loan Program, the HPD Loan Servicing Program, and the Participation Loan Program were still active in 2001.
Construction Loan Program: This program provided interest free construction financing to 18 limited equity moderate income cooperatives as a pilot for 1,000 potential similar homes in the South Bronx.
HPD Loan Servicing Program: Through this loan program, HDC acted as a loan servicer for certain of HPD’s construction and permanent housing loan programs. This program serviced $1.4 billion in such loans by 2001.
Working Capital Loan Program: HDC provided over $8 million in funding through 87 loans to non-profit sponsors of projects through HPD’s Special Initiatives Program.
Project Management Program: Through loans under this program, HDC, alongside the Real Estate Board of New York, and the City of New York, created a 750-unit middle income project.
Seed Money Loan Program: This interest-free loan provided interim assistance to the Neighborhood Partnership Housing Development Fund Company for HPD’s Neighborhood Entrepreneurs Program and to a project being built by Hope Community, Inc. under the 85/85 Program. By 1998, this program had helped 18 non-profit sponsors to create shelter for 2,700 homeless in NYC.
Participation Loan Program: This program provided mortgage loans for multiple dwelling rehabilitation projects and was administered through HPD.
Minority and Women-Owned Business Enterprise (MWBE)
Tax Credit Bridge Loan Program