The New York City Housing Development Corporation (HDC) seeks to increase the supply of multi-family housing, stimulate economic growth and revitalize neighborhoods by financing the creation and preservation of affordable housing for low-, moderate- and middle-income New Yorkers.
Relation to the State Government: HDC is a self-supporting 501(C)3 public benefit corporation. Of the seven board members, two are appointed by the governor, two are appointed by the Mayor and three are ex-officio board members.
Current Staff Size: 186Visit NYCHDC's Website
New York City Housing Development Corporation is established
First New Construction Deal: Independence Plaza
First Preservation Deal: Carlton Gardens, Regal Apartments, Ambassador Gardens
Creation of the Open Resolution
Creation of Housing Impact Bonds
Mitchell-Lama Reinvestment Program (MLRP)
MLRP program aims to protect the long-term affordability of more than 15,000 Mitchell-Lama homes over eight years. In cooperation with City Hall and HPD, this program will direct more than $300 million to the preservation of this endangered housing stock. This program reflects the City’s ongoing commitment to develop creative and competitive financing products, while leveraging other public resources to address the unique challenges facing the Mitchell-Lama portfolio.
Affordable Homes Preserved: Over 12,000 in 13 developments throughout the New York City
The pandemic has underscored the disparities in access to health and housing resources in our communities. Whether it’s creating and preserving affordable housing under the City’s housing plan or protecting our public housing stock under NYCHA PACT, our efforts are helping resolve systemic disparities by investing in those communities that need it most. It’s critical to the long-term success of our city that we continue this important work in the years to come.