Capital Partnership for Affordable Renovation
The Capital Partnership for Affordable Renovation (CPAR) program was created by the New York City Department of Housing Preservation and Development (HPD) to enhance the efficiency of affordable housing rehabilitation efforts, ensuring that New Yorkers can enjoy safe and high-quality living conditions while preserving sorely needed affordable housing, meeting the needs of the current affordable housing crisis.
The CPAR is a moderate-rehabilitation loan initiative targeting residential buildings with three (3) or more units in New York City. The program aims to replicate other successful models of delegated financing structures by empowering select lending partners, like CPC, to conduct preliminary screenings, eligibility assessments, and due diligence on behalf of the city. This will allow the City of New York to expand HPD’s capacity to assist owners.
In combination with conventional private financing, the CPAR program provides low-interest subordinate loans, of up to $80,000 per unit, to eligible New York City multifamily properties, in need of moderate rehabilitation work.
Applications Now Open
Participating Lenders
- HPD has partnered with the Community Preservation Corporation (CPC) and other qualified lenders.
- These lenders will handle project evaluations, underwriting, documentation, and communication with HPD.
Loan Terms
- The program includes a minimum 30-year regulatory agreement and offers up to $80,000 per dwelling unit in subsidy.
- All projects will require rent stabilization.
Eligibility
- Residential buildings with three or more units are eligible, provided they meet specific criteria related to rent and sale prices.
- Exclusions apply to projects involving acquisition financing, supportive housing, Mitchell-Lamas, and others.
- Rents or sale prices must adhere to specified income limits.
- Certain buildings with extensive tenant relocation needs are excluded.
Please download and review the Term Sheet for complete details and information regarding eligibility and requirements of the program.
HPD CPAR Term Sheet
Visit HPD for More Information on the CPAR Program.
Contact Us
For questions about the CPAR program please reach out to one of our experts at: [email protected]
