...New York City (NYC or the City), with a population of 8.5 million (July 2024 estimate), has the highest metropolitan GDP of all U.S. metro areas. It is a global hub for finance, leisure, and business tourism, as well as universities, health care providers, and--increasingly--technology companies. The City established the Department of Housing Preservation and Development (HPD) in 1978 to develop and maintain its affordable housing. HPD's mission is to promote the quality and affordability of NYC's housing and the diversity and strength of its neighborhoods. HPD supports this mission by providing low-cost subordinate subsidy loans to finance affordable housing through various programs, including the Extremely Low- and Low-Income Affordability (ELLA) Program, the Supportive Housing Loan Program (SHLP), and the Senior Affordable Rental Apartments (SARA) Program. Between Jan. 1, 2014, and June 30, 2025, NYC financed the construction or preservation of over 291,000 affordable housing units....
