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  THE LOW INCOME & URBAN HOUSING BLOG  

Monday, July 23, 2012

New York's HPD Offers Many Programs For Affordable Housing

New York City Department of Housing Preservation & DevelopmentThe New York City Department of Housing Preservation and Development (HPD) has several programs that make housing more affordable and more attainable for New York City residents. Those who meet the qualifying income levels have an opportunity to purchase newly constructed or renovated homes or apartments at below market value.

A recent Housing Development Corporation lottery gave New Yorkers an opportunity to purchase one of 59 subsidized units in a Brooklyn mixed-income housing development. This was made possible through subsidies and other financing from the city, making homes more affordable for low-, moderate-, and middle-income families in New York.

All of this is part of Mayor Michael Bloomberg's New Housing Marketplace Plan which began in 2003. The plan includes the building or renovating of 165,000 affordable housing units by the end of 2014. The city of New York is funding $7.5 billion for the project. So far, 141,000 units are under way.

In addition to the building project, the New Housing Marketplace Plan has a program called the HomeFirst Down Payment Assistance program that helps people with down payment and closing costs if they meet the income qualifications. The financial assistance includes either $10,000 or 6% of the home's purchase price, whichever is greater, that buyers can use for a down payment or closing costs.

For more information, visit www.nyc.gov/html/hpd/html/home/home.shtml


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