Neighborhood Construction Program (NCP) - HPD

Housing Preservation & Development


New Construction Financing

Neighborhood Construction Program


Neighborhood Construction Program

HPD’s Neighborhood Construction Program (NCP) funds the new construction of infill rental housing with up to 30 units affordable to low, moderate and middle income households earning up to 165% Area Median Income (AMI). Sponsors may apply to the program to develop privately owned properties or they may be selected through a Request for Qualifications (RFQ) process to purchase City-owned sites. For city-owned sites, disposition will be for $1 per lot and developers will deliver an enforcement note and mortgage equal to the land's appraised value ("Land Debt").

In order to be eligible for HPD-issued Capital funds, it is required that a borrower be a Housing Development Fund Corporation either alone or in partnership with for-profit developers, limited partnerships, corporations, trusts, joint ventures, or limited liability companies.

New construction of affordable rental housing with up to 30 units affordable to households earning up to 165% AMI. Projects may serve low income households or moderate and middle income households.

Resources

NCP Term Sheet

HPD Contact

Multifamily New Construction Programs
100 Gold Street, Room 9I-5
mfnc@hpd.nyc.gov
(212) 863-5613

Hotel Conversion Applicants

Thanks to recently passed state legislation, HPD is now accepting submissions of potential hotels for conversion to permanent affordable or supportive housing. If you are interested in converting a hotel to housing, please complete the Hotel Information Form.