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Directory of NYC Housing Programs

Participation Loan Program (PLP)

New York City’s Participation Loan Program (PLP), started in 1978, provides low-interest loans and tax exemptions to multi-family building owners to facilitate the moderate or substantial rehabilitation and affordability of housing for low-to-moderate income households. Financing may also be available for limited acquisition costs. In a PLP loan, a subsidy from the New York City Department of Housing Preservation and Development (HPD) is combined with private financing. The maximum subsidy permitted ranges from $40,000 to $90,000 per unit, depending on the other financing used and the rents charged to residents and other financing sources. The 30-year loan is provided at a below-market interest rate. This program is intended to finance the renovation of apartments and has occasionally been used to rehabilitate vacant properties.

Program Information Help Icon

  • Alternative Name(s): New Construction Participation Loan Program
  • Supply/Demand: Supply, Demand
  • Category: Land and Financing
  • Scale: Very Large Scale (over 10,000 units)
  • Timeframe: 1978 - Present
  • Occupancy tenure: Rental
  • Construction Type: New Construction, Rehabilitation
  • Building Type: Multi-family
  • Developers/Owners: Non-profit, For-profit, Government
  • Income Restrictions: Very Low-income, Low-income, Moderate-income

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