Partnership New Homes was based on a collaboration between New York City’s Department of Housing Preservation and Development (HPD), the State of New York and the Housing Partnership Development Corporation and created new homes throughout New York City for families earning between $32,000 and $75,000 a year. The program produced condominiums, single-family townhouses and two- and three-family homes. To ensure that the completed buildings are affordable, the City provided (depending on market conditions) a subsidy of $10,000 per unit (i.e., $30,000 for a three-family home), as well as the subordinated value of the City-owned land, in the form of a loan that evaporates over a 25-year period. All homes also received a 20-year partial Real Property Tax exemption pursuant to Article 16 of the New York State General Municipal Law. Additional funding of up to $15,000 per unit was provided by the New York State Affordable Housing Corporation. The marketing of the homes to purchasers was carried out by local non-profit organizations which advertised the availability of the homes and reviewed applications.