Overview
- The Department of Housing Preservation and Development formally launched the Supportive Preservation Program to preserve the city’s roughly 39,000 supportive housing units and keep on-site social services intact.
- The program is backed by a $1 billion commitment for FY27–FY28 and offers long-term tax exemptions, below‑market loans, gap funding, and extensions or modifications of existing HPD mortgages.
- SPP sets eligibility for properties that have existing city or state‑administered social service contracts and allows sponsors to combine supportive and non‑supportive buildings in single preservation transactions.
- HPD will create a dedicated preservation team, issue a new RFP to expand NYC 15/15 rental assistance eligibility, and set operational targets such as reducing vacancies below 5 percent by year‑end.
- Supportive housing operators and advocates praised the move as filling a funding gap for aging buildings that provide services to people facing homelessness, and city officials said the program is an early implementation step in the wider Block by Block housing plan.