Multifamily Housing Rehabilitation Program (City) (HRP)

The Multifamily Housing Rehabilitation Loan Program (HRP) provides rehabilitation loans to help owners undertake improvements to existing multi-family buildings. Eligible rehabilitation includes the upgrading or replacing of major building systems, including but not limited to roof replacement, building envelope work (including Local Law 11 and pointing), and upgrades to the heating, electrical, and plumbing systems. The New York City Department of Housing Preservation and Development (HPD) provides 30-year, low-interest loans up to $35,000 per residential unit. The interest rate is a maximum of three percent and is based on the needs of the project. Projects may be eligible for a full or partial property tax exemption. In 2014, the HRP replaced the Article 8A Loan Program, which provided loans to ameliorate substandard conditions and to prolong the useful life of residential buildings.

Program Information

• Alternative Names: Article 8A Loan Program
• Scale: Small Scale (between 1 and 999 units)
• Timeframe: Started 2014
• Occupancy Tenure: Rental, Homeownership
• Construction Type: Rehabilitation
• Building Type: Multi-family
• Developer/Owners: Owner-occupant