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Directory of NYC Housing Programs

New Housing Opportunities Program (New HOP)

New Housing Opportunities (New HOP) provides below-market mortgages to developers for construction of moderate-income rental housing. Financing is made available through the proceeds of taxable bonds, as well as through New York City’s Housing Development Corporation (HDC) corporate reserves, which are used to make second mortgages at a one percent interest rate. Though new construction, rehabilitation, or conversion is acceptable under New HOP, the development must result in at least 50 affordable units in the building. Typically, apartments created through New HOP are reserved for households earning up to 130 percent of Area Median Income (AMI); however, at program inception the income maximum was 250 percent of AMI.

Program Information Help Icon

  • Alternative Name(s): New HOP 80/20
  • Supply/Demand: Supply
  • Category: Land and Financing
  • Scale: Very Large Scale (over 10,000 units)
  • Timeframe: 1997 - Present
  • Occupancy tenure: Rental
  • Construction Type: Rehabilitation, New Construction, Non-residential Conversion
  • Building Type: Multi-family
  • Developers/Owners: For-profit, Non-profit
  • Income Restrictions: Moderate-income

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