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LAMP
This program
provides financing for affordable rental
housing reserved for people earning a
maximum income of up to $32,280 for an
individual and up to $46,080 for a
family of four (or 60% AMI). Apartments created
through this program are able to be
rented out at affordable rents because
of the low-cost financing offered
through HDC. Loans are provided to
private for-profit and non-profit
developers in the form of first
mortgages, which are made through the
proceeds from the sale of tax-exempt
bonds. Second mortgages are also used
with this program and are funded through
HDC’s corporate reserves and typically
provided at a 1% interest rate.
Furthermore, by using tax-exempt bonds
the development automatically receives
as of right 4% Federal Low Income
Housing Tax Credits, which helps to
further the affordability of these
apartments.
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New HOP
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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Mixed-Income
Through HDC's award-winning 50/30/20 program, 20%
of the apartments in a multi-family
rental building are restricted for
low-income tenants, 30% are reserved for
middle-income tenants and the remaining
are rented at market rates. This
structure, the only one of its kind in
the City, allows us to provide a deeper
level of affordability across many
different economic levels. HDC uses the
proceeds from the sale of tax-exempt
bonds to make first position mortgages
and also uses its corporate reserves to
make 1% second mortgage loans.
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Taxable 80/20
Available as a means to provide
affordable housing in high rent
areas of the City. Using
taxable bonds requires that at
least 20% of the units are
reserved for households earning
moderate wages, up to 80% or 100% of the
city's area median income.
Also available is the use of HDC's corporate subsidies for
any units reserved for
low-income households.
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Mitchell-Lama
Preservation Program
The
Mitchell-Lama program was enacted by the
State in the mid-1950’s as a way to
promote and facilitate the construction
of affordable rental and cooperative
housing throughout New York State. The
law stated that after twenty years from
the occupancy date, the mortgagor is
allowed to prepay its mortgage releasing
the obligation of staying in the
affordable housing program and giving
owners the right to raise rents to
market value. HDC created this
preservation program as a means to
encourage owners to keep their
properties within the Mitchell-Lama
guidelines. The Mitchell-Lama
preservation initiative has two
financing options: 1). Repair Loan Program and
(2) Mortgage Restructuring Program.
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Senior Housing
Preservation/202 Refinancing Program
In order to rehabilitate and upgrade
housing for seniors originally financed
through HUD’s Section 202 Program, HDC
started its 202 refinancing program.
Through this initiative, tax-exempt bond
financing is used to refinance the
original HUD mortgage, reducing interest
rates significantly. In
addition, the tax-exempt financing
qualifies the development for
as-of-right “4%” Federal Low Income
Housing Tax Credits. This financing
frees-up revenue for the non-profit sponsors
to offer additional services
for their senior tenants, and
make capital improvements.
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COOPS
HDC has financed many affordable cooperative developments
although the program is not currently
being offered for new developments.
Though income requirements for each building may vary, these apartments are typically reserved
for households with incomes up to $134,000 (175% AMI) for a family of four.
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Coop Conversion Program
This program is focused on providing
homeownership opportunities for
residents of Mitchell-Lama rental
housing by facilitating the formation of
co-operative housing corporations by
providing financial incentives to
existing owners and new sponsors.
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New Housing Marketplace
Mayor Michael
R. Bloomberg has recognized the urgent
need to address New York City’s
affordable housing availability. In late
2002 he made an unprecedented commitment
to create and preserve 65,000 units of
affordable housing over a five-year
period – The New Housing Marketplace
plan. With the initial success of the
New Housing Marketplace, the plan was
more than doubled in 2005 to call for
165,000 units over 10 years.
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