Extremely Low & Low-Income Affordability (ELLA)

An program of the Department of Housing Preservation and Development, the Extremely Low & Low-Income Affordability Programvis an important financing tool because it offers deeper levels of affordability than other subsidies. ELLA funds the new construction of low-income multi-family rental projects where the overall average AMI must be between 53-54%, with a minimum of 50% of the units at ELI (0-30% AMI) and VLI (31-50% AMI) tiers. There is also a requirement that at least 15% of units be set-aside for formerly homeless households or individuals.

Extremely Low & Low-Income Affordability (ELLA) is listed under:
Development
Housing
Rental Subsidies + Tax Breaks
Rental Subsidies + Tax Breaks
Related Terms:
421a
Affordable Housing
Area Median Income
Certificate of No Harassment (CONH)
Climate Mobilization ACT
Developer
Empire State Supportive Housing Initiative (ESSHI)
FHEPS/CityFHEPS
Harassment
Holdover eviction
Homes and Community Renewal (HCR a.k.a DHCR)
Housing Stability and Tenant Protection Act (HSTPA)
Individual Apartment Improvements
J51
Low Income Housing Tax Credit (LIHTC)
Major Capital Improvements
Market Rate Housing
Mix & Match
Neighborhood Pillars
Nonpayment eviction
Overcharge
Participation Loan Program (PLP)
Preferential rent
Project Based Vouchers (PBV) Section 8
Public Housing
Public land disposition
Regulatory agreement
Rent burdened
Rent Controlled
Rent Guidelines Board
Rent Regulated Housing
Rent Stabilized
Request For Proposals (RFP)
Resolution A
Right of First Refusal
Right to Counsel (RTC)
SCRIE/DRIE
Section 8
Senior Affordable Rental Apartments (SARA)
Shelter System
Subsidized Housing
Subsidy
Succession Rights
Supportive Housing
Supportive Housing Loan Program (SHLP)
Tax Break
Tenant Interim Lease program
Term sheet
Third Part Transfer Program (TPT)
Underwriting
Year 15
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