Housing Development

The Department of Housing Preservation and Development’s LIHTC Preservation (“Year 15”) Program is an affordable housing loan program that focuses on the preservation of Low Income Housing Tax Credit properties…

The Right of First Refusal is an important provision of the Low Income Housing Tax Credit program that protects permanent affordability by enabling nonprofits to buy the buildings they develop…

Underwriting is the process of compiling and analyzing all of the financial aspects of a deal (including rental income, debt, equity, development budget, operating budget, etc.) in order to obtain…

A term sheet is a document that covers the basic terms and conditions of a finance program. For government programs offered by agencies like HPD, a term sheet specifies the…

A regulatory agreement is a legally binding document signed by the multiple parties in a development project that commits the party receiving a loan to comply with specific provisions, such…

A Request for Proposals or RFP is a public statement inviting groups to submit competitive bids for a particular development project. An RFP will typically include specific priorities that the…

Public land disposition refers to the process of selling or transferring publicly owned land another entity. This process often happens through a competitive RFP process, where a public agency (typically…

The Third Party Transfer Program is a program that facilitates the rehabilitation of buildings with significant delinquent municipal charges and poor housing conditions. Under the program, the Department of Finance…

The Department of Housing Preservation and Development’s Neighborhood Pillars program provides low-interest loans and tax exemptions to nonprofits and mission driven organizations to acquire and rehabilitate unregulated or rent stabilized…

Passed in 2019, the Climate Mobilization Act consists of a slate of Local Laws designed to dramatically cut carbon in New York City by targeting building emissions. The Act includes…