Launched in March of 2019, the New York City Down Payment Assistance Fund (DPAF) was formed through a unique collaboration among leading philanthropic funders, supportive housing advocates, New York City housing agencies, and the New York City Acquisition Fund to boost production of supportive housing units in New York City.
With flexible down payment loans, DPAF will assist pre-qualified nonprofit developers to move more rapidly into contract for vacant properties, eliminating a growing obstacle to development on privately-owned sites. The nonprofits will ensure the long-term affordability of the units developed on the site and provide critical social services, a key strategy in addressing the homelessness crisis in New York City. Eligible projects will include supportive housing residences, in which the majority of units are supportive, and affordable residences with at least 30% of units set aside as supportive.
DPAF’s funding for down payments is available to nonprofits, which have been pre-qualified through a New Construction Down Payment Assistance RFQ issued and administered by the New York City Department of Housing Preservation and Development (HPD) on December 5, 2018. On March 8, 2019, HPD posted the pre-qualified nonprofits on its website [click here].
To the left is a tab which will link you to DPAF’s December 5, 2018 Notice of Funding Availability (NOFA), which describes its First Round funding priorities and general funding terms. The left-hand margin contains other tabs which will link you to DPAF’s Program Description, and DPAF’s Loan Term Sheet.
The New York City Down Payment Assistance Fund delegates the underwriting of its down payment loans to 4 NYC-based community development financial institutions, identified below. Prospective borrowers are asked to contact one of these to initiate a loan request.