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CoreData.nyc

Directory of NYC Housing Programs

Low-Income Affordable Marketplace Program (LAMP)

The Low-Income Affordable Marketplace Program (LAMP) provides low-cost financing for affordable rental housing reserved for people earning a maximum income of up to 60 percent of Area Median Income (AMI). Loans are provided to private for-profit and non-profit developers through first mortgages, which are made available with the proceeds from the sale of tax-exempt bonds. Additionally, the Corporation provides subordinate loans of up to $55,000/unit. By using tax-exempt bonds, the development automatically receives four-percent federal Low-income Housing Tax Credits (LIHTC), furthering the affordability of these apartments. Prior to 2003, LAMP went by the name 100 percent Low-income Tax Exempt (LITE). The Extremely Low and Low-Income Affordability (ELLA) program was created in 2014 to replace LAMP.

Program Information Help Icon

  • Alternative Name(s): 100 percent Low-income Tax Exempt (LITE)
  • Supply/Demand: Supply
  • Category: Land and Financing
  • Scale: Very Large Scale (over 10,000 units)
  • Timeframe: 1997 - 2014
  • Occupancy tenure: Rental
  • Construction Type: New Construction, Rehabilitation
  • Building Type: Multi-family
  • Developers/Owners: Non-profit, For-profit
  • Income Restrictions: Low-income

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