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HDC offers a variety of innovative and creative programs with favorable financing terms generally unavailable in the commercial market.  Loans can be used for the new construction, acquisition and rehabilitation of housing for people within a broad range of incomes. Below is a list of current program offerings for multi-family rental development, cooperative development and preservation.

Multi-Family Rental Programs

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  • New Housing Opportunities Program (New HOP)
    Taxable bonds used in conjunction with HDC's corporate reserves used to create middle-income affordable housing in the outer-boroughs.

  • Low-Income Affordable Marketplace Program (LAMP)
    Tax-exempt bond proceeds and as of right " 4%" Low-Income Housing Tax Credits are used in conjunction with HDC's corporate reserves to create housing in the outer-boroughs.

  • Mixed-Income Housing (50/30/20)
    Tax-exempt bonds are used to finance the construction of this housing, "4%" Low-Income Housing Tax Credits are used for at least 20% of the units reserved for low-income tenants, HDC corporate reserve financing is used for the units reserved for middle-income tenants.

Preservation Programs

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  • Mitchell-Lama Preservation Program
    Two programs created to meet the challenges facing this housing stock - from the physical improvements needed to maintain safe and quality housing, to the need of maintaining its affordability.

  • Repair Loan Program
    HDC funds used to finance repair loans for rehabilitation, requiring at least 10 years of participation in the Mitchell-Lama guidelines. Download Loan Application Form

  • Mortgage Restructuring Program
    Bond proceeds used to restructure the mortgages for debt relief on these developments as well as grant money provided to assist with capital improvements, requiring at least 15 years of participation in the Mitchell-Lama guidelines.

  • LAMP Preservation Program
    In order to rehabilitate and upgrade existing multi-family affordable housing, HDC provides tax-exempt bond financing to refinance existing HUD and private mortgages, reducing interest rates significantly. In addition, the tax-exempt financing qualifies the development for as-of-right “4%” Federal Low Income Housing Tax Credits to make capital improvements.