Mixed Income Program: Mix & Match

The Mixed Income Program: Mix & Match funds the new construction of mixed-income multi-family rental projects in which 50 percent of the units are at low-income rents affordable to households earning up to 60 percent of Area Median Income (AMI), and the other 50 percent of units would have rents affordable to moderate- to middle-income households earning up to 130 percent of AMI. Projects may have a range of affordability tiers. In order to be eligible for capital funds, it is required that a borrower be a Housing Development Fund Corporation (HDFC) either alone or in partnership with for-profit developers, limited partnerships, corporations, trusts, joint ventures, or limited liability companies. New York City’s Department of Housing Preservation and Development (HPD) and Housing Development Corporation (HDC) provide financing, subsidies and mortgages, for this program. HDC combines a first mortgage, funded with proceeds from the sale of variable or fixed-rate tax-exempt bonds, with a second mortgage, funded with HDC corporate reserves. Funding may also come from private lenders, as well as state or federal sources.

Program Information

• Scale: Medium Scale (between 1,000 and 4,999 units)
• Timeframe: 2008 - Present
• Occupancy Tenure: Rental
• Construction Type: New Construction
• Building Type: Multi-family
• Developer/Owners: For-profit, Government
• Income: At least 50 percent of units must be affordable to households with an annual income of up to 60 percent of Area Median Income (AMI). The remaining units must be affordable to households with an annual income of up to 130 percent of Area Median Income (AMI).
• Special Populations: Homeless Individuals

More Resources

Related Programs: Mixed Middle Income Program