New York State Homes and Community Renewal
New York

The Housing Development Fund (HDF) is a revolving loan fund program that provides interest-free interim loans to non-profit organizations to develop low-income housing projects. HDF loans last three years; eligible uses include pre-development costs, site acquisition, construction or rehabilitation financing, and other project development costs that are traditionally covered with a mortgage. The short-term financing provided through HDF is later repaid from the equity contributed by investors in low-income housing tax credit projects, or from any other program that is providing financing, whether a public or private source. HDF loans are divided into three categories: pre-development loans, acquisition loans, and construction loans.

Funding Source
General revenue
Funding Year
FY 2022-2023
Program Status
Active
State Funding
$5,000,000
Total Funding
$5,000,000
Website
https://hcr.ny.gov/system/files/documents/2019/10/2019%20HCR%20Housing%20Development%20Fund%20Term%20Sheet%2010.4.19.pdf
Contact
Brett Hebner New York State Homes and Community Renewal [email protected] 518-486-6538
How Provided?
Development loans
Data Collected by Program
Does not collect data on income, race, ethnicity, disability status, or age
Program Type
Capital resources
Income Eligibility Threshold
Other income eligibility criteria
Info Source
Interview with program administrator
Last Updated
4/21/23 14:51
Other Eligibility Requirements

No other eligibility requirements

Coordinates Eligibility With

Does not coordinate with other systems

Eligibility Limitations

Does not limit eligibility on these criteria

Priority Populations

Extremely low-income households (income less than 30% AMI)