Buildings with four (4) or more residential units that also meet the following three (3) criteria, may qualify for the credit:
Rent Affordability: Average collectable rents (rental buildings) or maintenance fees (cooperatives) for the project must be affordable to households earning up to 60% of Area Median Income (AMI), using a Rent Roll, effective as of the date of application. The project can have income limits higher than 60% of AMI as long as the average collected rent is affordable to those earning up to 60% of AMI.
Use Restriction: Executed and recorded regulatory agreement or equivalent document with HPD or HDC with a minimum of 15 years remaining, restricting 100% of the residential units.
All buildings must demonstrate efficient water usage either through compliance with the Multifamily Conservation Program (MCP) or as evidenced by paying a metered water rate. Buildings that take the necessary steps to become compliant with the MCP conservation measures before the application deadline may apply. Buildings must be compliant with all applicable DEP and Water Board Regulations.
All buildings must be in good standing with the City, by demonstrating current payments, payment plans or evidence of engagement with the City to address these issues. HPD or HDC Asset Management will consider projects not current on their DEP and DOF bills on a case-by-case basis.