The New York City Housing Development Corporation (HDC) is the nation’s number one issuer of bonds for
multi-family affordable housing. Established as a public benefit corporation by the State of New York in 1971, HDC is responsible for financing the creation and preservation of affordable housing within the five boroughs of New York City.
The financing provided by HDC is
in the form of low-cost
mortgages made through the sale
of tax-exempt and taxable bonds.
These mortgages are provided to
developers for the construction
and preservation of affordable
housing. In addition, through
our own corporate reserves, we
provide subordinate mortgages
usually at a 1% interest rate.
By combining this with the
proceeds from the bond sales we
are able to off-set some of the
cost of constructing housing in
the City, and in turn,
developers charge
below-market rents. Our programs are
designed for multi-family rental
housing and cooperative
developments and serve a wide
range of income segments from
very-low to middle-income
tenants. Read HDC's Bylaws |
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