Housing Preservation Opportunites (HPO) Program

Housing Preservation & Development


Home Repair and Preservation Financing

Housing Preservation Opportunities (HPO) Program


Housing Preservation Opportunities (HPO) Program

HPD’s Housing Preservation Opportunities (HPO) Program provides tax exemptions to preserve privately owned multifamily housing at a range of affordability levels throughout New York City. The Program’s mission is to ensure the long-term affordability and operating viability of quality housing. The Program provides Article Xl tax exemptions for a term of 40 years, for multifamily housing in good physical condition, or where physical needs can be addressed without an HPD loan. Non-HPD governmental sources of funding may be used in conjunction with the tax exemption.

Eligible Buildings

Multifamily rental and limited equity cooperative properties that are in good physical condition, or where physical improvements can be undertaken without the use of HPD subsidy. Projects seeking funding should refer to HPD’s loan programs. Eligible owners include Housing Development Fund Companies or Corporations (“HDFC”) formed pursuant to Article Xl of the Private Housing Finance Law. The HDFC must be a single-purpose HDFC formed with consent from HPD. If the HDFC is already formed, the certificate of incorporation may need to be amended to comply with HPD’s current requirements. Beneficial ownership may by retained by limited partnerships, corporations, joint ventures, limited liability corporations or 501(c)(3) corporations through a nominee agreement, as applicable, as approved by HPD.

Program Overview

For more information on the loan terms, see the HPO term sheet.

How to Apply

Thank you for your interest in the Housing Preservation Opportunities (HPO) Program. We are sorry to inform you we currently have limited staff capacity and a significant backlog of projects. As a result, the assignment of a project manager can take up to one year. Please submit a complete Preliminary Application with detailed information about the project characteristics and needs. This application will allow us to understand the needs of your project, and we will contact you when we are able to assign a project manager. Thank you for your interest and we look forward to working with you.