Housing Development Fund (HDF)
The Housing Development Fund (HDF) is a revolving loan fund administered by the New York State Division of Housing and Community Renewal (DHCR). The purpose of the HDF program is to provide loans to nonprofit organizations to develop low-income housing projects.
HDF loans may be used for pre-development costs, site acquisition, construction/rehabilitation financing, and other mortgageable project development costs. HDF loans may also be used to provide short term financing repaid from equity contributed by investors in Low-Income Housing Credit projects. Occupancy is restricted to households with incomes not exceeding six times the total housing cost.
HDF pre-development loans are repaid from the first receipts of the construction financing. HDF construction loans are repaid from the first receipts of the permanent financing, and HDF bridge loans are repaid from equity proceeds. In recent rounds, HDF applications for construction financing are being accepted from applicants who plan to request permanent financing from the New York State HOME Program to repay the HDF loan.
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Funding Category: |
Loan Fund for Pre-Development, Acquisition, Construction, Rehabilitation |
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Target Population: |
Low-income renters |
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Funding Available: |
At present, DHCR is not accepting applications for HDF loans. However, from the HDF authorization, a sum of $3.0 million will be applied for Farmworker Housing, for the construction or rehabilitation of housing for migrant farmworkers through a Master Servicing Agreement executed with the Farms Bureau, Farm Credit Associations and various other lending institutions which serve agricultural producers who, in turn employ migrant labor. At present, DHCR has entered into three Master Servicing Agreements with farm credit associations serving New York State and has made 72 loans totaling $2.3 million. |
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Application Information: |
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Contact: |
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Links To More Info: |
DHCR Housing Development Fund Description |
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Administering Agency: |