HPD unveils $1B fund for supportive housing preservation
Supportive housing across New York’s five boroughs will get a $1 billion infusion from the Department of Housing Preservation and Development, with a portion allocated to preserving the city’s stock of more than 30,000 affordable rental units that provide services to tenants at risk of homelessness and other challenges. The Supportive Preservation Program launched Tuesday will target only existing supportive housing stock for assistance to address financial needs and grant residential real estate tax exemptions, as well as provide below-market loans and modify existing HPD loans to encourage conventional lenders, according to the announcement. The supportive housing movement in New […]
This article originally appeared on The Real Deal. Click here to read the full story.
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