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Directory of NYC Housing Programs

Mitchell-Lama Rehabilitation and Preservation Program (RAP)

The New York State Housing Finance Agency’s (HFA) Mitchell-Lama Rehabilitation and Preservation Program (RAP) offers low-cost financing to Mitchell-Lama project owners for capital improvements and building renovations. In exchange, owners are required to keep rents affordable for an additional 40 years beyond the current restriction period. HFA finances RAP loans from a number of sources, including tax-exempt private activity bonds, federal Low Income Housing Tax Credits (LIHTC), tax-exempt 501(c)(3) bonds for eligible non-profit organizations, and taxable bonds. The minimum loan amount for the RAP program is $1,000,000.

Program Information Help Icon

  • Supply/Demand: Supply
  • Category: Land and Financing
  • Scale: Small Scale (between 1 and 999 units)
  • Occupancy tenure: Rental, Homeownership
  • Construction Type: Rehabilitation
  • Building Type: Multi-family
  • Developers/Owners: Non-profit, For-profit
  • Geographic Restrictions: Mitchell-Lama Buildings
  • Income Restrictions: Moderate-income, Middle-income

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