Development

HDC helps to finance the creation and preservation of affordable housing under the Administration’s Housing Blueprint. Housing Our Neighbors: A Blueprint for Housing and Homelessness sets forth a comprehensive roadmap to tackle New York City’s affordability crisis in a more holistic way. By breaking down barriers, streamlining processes, and working in collaborative partnerships, the Housing Blueprint aims to provide high-quality housing for all New Yorkers, including households experiencing homelessness, public housing residents, individuals and families, renters, and homeowners alike.

HDC’s Development team underwrites loans to support the creation of newly constructed housing opportunities, as well as preservation efforts to repair and extend the affordability of existing housing stock to ensure New Yorkers can remain in the communities they call home.

HDC’s Development team is dedicated to financing the rehabilitation of our City’s public housing stock, working together with the New York City Housing Authority (NYCHA) to advance the NYCHA PACT (Permanent Affordability Commitment Together) plan and NYCHA’s Blueprint for Change.

PACT and the Blueprint for Change aim to convert NYCHA developments from federal Section 9 funding to more stable, project-based federal Section 8 funding, while maintaining tenant protections and public control of NYCHA buildings. Converting to Section 8 enables residents of public housing to secure critical capital repairs for their homes and buildings.