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Directory of NYC Housing Programs

Senior Affordable Rental Apartments (SARA)

Senior Affordable Rental Apartments program (SARA) provides gap financing in the form of low interest loans to support the construction and renovation of affordable housing for seniors, 62 years in age and older, with low-incomes. Projects developed with SARA funding must also set aside 30 percent of units for homeless seniors referred by a City or State agency, typically the New York City Department of Homeless Services (DHS). SARA loans carry a minimum 30-year term and may be up to $75,000 per unit. New York City’s Department of Housing Preservation and Development (HPD) Division of Special Needs Housing accepts proposals for SARA funding throughout the year on a rolling basis.

Program Information Help Icon

  • Supply/Demand: Supply
  • Category: Land and Financing
  • Scale: Medium Scale (between 1,000 and 4,999 units)
  • Timeframe: 2015 - Present
  • Occupancy tenure: Rental
  • Construction Type: New Construction, Rehabilitation
  • Building Type: Multi-family
  • Developers/Owners: Non-profit, For-profit
  • Income Restrictions: Low-income
  • Special Populations: Seniors, Homeless Individuals

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