Develop Affordable Housing

HDC is helping to create a more diverse and equitable city through the development of affordable housing. From the creation and preservation of affordable homes under the City's Housing New York 2.0 plan, to helping to preserve our city’s aging public housing stock under the NYCHA 2.0 PACT program, HDC is always seeking to expand its reach by forging creative partnerships with mission-driven development teams, including local nonprofit and M/WBE entities.

“As this city grows, we have to make sure that New Yorkers can grow along with it. Recognizing the staying power that affordable housing provides New Yorkers is central to achieving that goal.”
Louise Carroll, HDC Board Chair & HPD Commissioner
More Than
units of affordable housing created or preserved under the Housing New York 2.0 plan to date
More Than
units of public housing completed or currently undergoing critical repair work under NYCHA PACT

Term Sheets

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.

New Construction Programs

Tax-exempt bonds and as of right " 4%" Low-Income Housing Tax Credits used in conjunction with HDC's corporate reserves to create low income housing.

Tax-exempt bonds and as of right " 4%" Low-Income Housing Tax Credits used in conjunction with HDC's corporate reserves to create low,middle and moderate income housing

Preservation Programs

Tax-exempt and/or taxable bonds, and HDC funds used to acquire, rehabilitate and restructure existing debt to preserve Mitchell-Lama developments.

The Neighborhood Pillars program provides HDC Funds, tax exempt and/or taxable bonds to nonprofits and mission driven organizations to acquire and rehabilitate unregulated or rent stabilized housing for low-to moderate-income households.

The HDC and NYCHA PACT Preservation Program provides a combination of HDC corporate reserves and taxable and/or tax-exempt bond financing to rehabilitate, recapitalize, and preserve NYCHA properties that are part of NYCHA’s public housing (Section 9) Annual Contributions Contract with U.S. Department of Housing and Urban Development (HUD).  Upon conversion, these properties convert to HUD Section 8 voucher funding from HUD Section 9 funding. 

Tax-exempt bonds or HDC funds used to acquire, rehabilitate and upgrade existing multi-family developments and preserve low income housing. Private activity volume cap and as-of-right 4% Low-Income Housing Tax Credits are not available for the program at this time. The program term sheet is under revision; please contact (212) 227-5500 with any questions.

Taxable bonds and/or HDC funds used to rehabilitate Mitchell-Lama developments.

Important Forms

This area provides access to a number of forms HDC requires during the process of construction and/or permanent financing, as well as other general requirements of developers utilizing HDC financing.

Disclosure Documents

In light of the current Covid-19 pandemic, the revised protocols will be in effect as of March 30, 2020. These protocols shall be acceptable for the submission of disclosure documents to the New York City Housing Development Corporation until further notice.

The New York City Housing Development Corporation maintains a policy requiring a financial and personal review of all individuals and organizations with which it may conduct business. Pursuant to that policy, the following disclosure packages must be completed and returned to HDC.

If you are a Managing Agent, please complete both the “Individuals” and “Business Entities” sections of the Managing Agent Disclosure Statement .

If you are:

  • A General Contractor, OR
  • An Individual in the Ownership Structure of a Borrowing Entity, OR
  • An Individual Representing A Corporate Entity in the ownership structure of a Borrowing Entity,

please fill out the HDC Disclosure Compliance Package.

If you would like to request an HDC/HPD PIN for electronic submission, please fill out the electronic submission request form.

All Borrowers must also submit an original copy of the Doing Business Data Form.

Environmental Review (SEQRA/CEQR)

Environment Assessment Statement (to be submitted by the Environmental Consultant along with a letter of review from the New York State Office of Parks Recreation and Historic Preservation)