The NYC Department of Housing Preservation and Development (HPD) produces shareholder-owned Housing Development Fund Corporation (HDFC) cooperatives, making them a significant part of the fabric of New York City’s affordable housing. Incorporated under Article XI of the Private Housing Finance Law, HDFC coops benefit from reduced real estate taxes in exchange for following certain standards for the selling and renting of apartments. Additionally, HDFC board members should exhibit careful, ethical behavior in carrying out their responsibilities. HPD is authorized to remove this benefit if the agency determines that the HDFC’s requirements are being violated. Article XI requires HDFC cooperatives to provide housing for persons and families of low-income. Under the Private Housing Finance Law, this means persons and families whose household income does not exceed 165 percent of Area Median Income (AMI). HDFCs are supported by various private non-profit and government entities, including the Urban Homesteading Assistance Board and NYC Housing Partnership.