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HDC’s New Housing Opportunities Program (New HOP) combines a first mortgage, funded through proceeds from the sale of variable or fixed rate taxable bonds, with a second mortgage, provided through HDC corporate reserves, to finance multi-family rental housing affordable to moderate and middle income families. Under this initiative, all units in a new or rehabilitated development must be affordable to middle-income households earning up to 130% of the New York City Area Median Income (AMI). Tax exempt recycled bonds may be available if low-income set asides and other requirements are met.

View New HOP termsheet