Second Mortgage Subsidy Loans

Second Mortgage Subsidy Loans are available to developers receiving construction or permanent financing from the New York State Housing Finance Agency (HFA). Subsidy Loans are subordinate, low-interest rate loans available to projects that require subsidies to maximize the number of affordable units and to reach lower income or special needs populations. A Subsidy Loan may be used in conjunction with subsidies provided by other federal, state, or local agencies.

Program Information

• Scale: Small Scale (between 1 and 999 units)
• Occupancy Tenure: Rental
• Construction Type: New Construction, Rehabilitation
• Building Type: Multi-family
• Developer/Owners: Non-profit, For-profit
• Income: Low-income
• Special Populations: Persons with Disabilities