• Agency: U.S. Department of Housing and Urban Development (HUD)
• Status: Currently Available

The U.S. Department of Housing and Urban Development (HUD) Multifamily Program leverages public resources and private sector financing to rehabilitate, recapitalize and preserve privately-owned HUD assisted rental housing throughout New York City. For program purposes, HUD-assisted is defined as properties where a majority of the units are covered by a form of project-based rental assistance including various types of Housing Assistance Payment (HAP) contracts, Moderate Rehabilitation (MOD-Rehab), Moderate Single Room Occupancy (MOD-SRO) or Rental Assistance Demonstration Phase II (RAD) contracts and properties that received federal subsidies through programs including the HUD Section 202 or 236 programs. The program’s mission is to ensure low-income households remain in affordable apartments over the long term, to promote financial and physical stability, and to promote revitalized neighborhoods, targeting buildings that are most distressed. The program achieves these goals by providing tax exemptions and low interest loans by means of City Capital or federal HOME funds at below market interest rates.