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Directory of NYC Housing Programs

Small Projects Program (SPP)

The Small Projects Program (SPP) provides a 30-year, zero-percent interest balloon mortgage to residential projects of 15 units or less that are not financed with state or federal low-income housing tax credits (LIHTC). Funds may be used for new construction, rehabilitation of distressed residential properties, or conversion of underused non-residential properties to residential use. Applicants must be non-profit corporations, Housing Development Fund Corporation (HDFCs), municipalities, counties, or housing authorities. Projects must be located in blighted areas that have a substandard, aged housing stock, or vacant non-residential property. Occupancy in a Small Projects Program development is limited to low-income households.

Program Information Help Icon

  • Supply/Demand: Supply
  • Category: Land and Financing
  • Scale: Small Scale (between 1 and 999 units)
  • Occupancy tenure: Rental
  • Construction Type: New Construction, Rehabilitation, Non-residential Conversion
  • Building Type: Multi-family, One- to Four-family
  • Developers/Owners: Non-profit
  • Income Restrictions: Low-income

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