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Directory of NYC Housing Programs

New Partners Program (NPP)

The New Partners Program (NPP) provided financing to renovate small buildings with existing ground floor commercial tenants, where a portion of the residential space above was vacant. New York City’s Department of Housing Preservation and Development (HPD) provided 30-year below-market rate loans of $15,000 or more to for-profit building owners who were required to contribute 10 percent of the project cost in equity. HPD required non-profit owners to contribute two percent of the project cost in equity. Borrowers agreed to lease the rehabilitated units as affordable housing to tenants with incomes below 120 percent of Area Median Income (AMI) and to maintain buildings with three or more residential units as rent stabilized units.

Program Information Help Icon

  • Supply/Demand: Supply
  • Category: Land and Financing
  • Scale: Small Scale (between 1 and 999 units)
  • Timeframe: 2001 - 2004
  • Occupancy tenure: Rental
  • Construction Type: Rehabilitation
  • Building Type: Multi-family, One- to Four-family
  • Developers/Owners: Non-profit, For-profit, Owner-occupant
  • Income Restrictions: Moderate-income

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