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New HOP was
created in response to the need of
offering affordable housing
opportunities to people that make
modest, middle-income wages. The
below-market mortgages provided to
developers for the construction of this
type of rental housing are made through
the proceeds of taxable bonds as well as
though HDC’s corporate reserves which
are used to make second mortgages at a
1% interest. Typically, apartments
created through New HOP are reserved for
households earning a range of $53,800
for an individual, up to $134,000 (175%
AMI) for a family of four. |
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