Capital Partnership for Affordable Renovation (CPAR)

The Capital Partnership for Affordable Renovation (CPAR) Loan Program is a loan program of the New York City Department of Housing Preservation and Development (HPD) and is administered by selected lending institutions. The CPAR Loan Program is a moderate-rehabilitation loan initiative targeting residential buildings with three or more units in New York City. The program is designed to streamline the process for property owners seeking HPD financing by empowering select lending partners to conduct preliminary screenings, eligibility assessments, and due diligence on behalf of the city. The program will 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.  

Program Details

CPAR aims to provide financing to straight-forward, moderate rehab projects.

Program Terms

• Participation in the program requires 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 and income limits.  
  • Rentals: Average rent must be <= 80% AMI 
  • HDFC Coops: Current and future units must be sold to households whose incomes are <= 120% of AMI 
• Some exclusions apply
  • No acquisition 
  • No federal financing (LIHTC/HUD/PBV)
  • No supportive housing
  • No Mitchell-Lamas (other coops allowed)
  • No rent restructuring
  • No projects requiring long term relocation of tenants outside of the project buildings 
  • No projects requiring funding over subsidy limit
  • No NYS Electrification Pilot