There is a vast demand for high-quality affordable housing in New York City
HAP Investments has an Affordable Housing division focused on developing residential rental properties to serve low-income households in New York City. Affordable housing properties not only provide a critically needed resource in neighborhoods across New York City, where demand for such housing far outstrips supply, but also represent an excellent investment opportunity for HAP and our investors.
HAP finances affordable housing projects in part by utilizing federal, state, and local subsidies including tax-exempt bonds, low-income housing tax credits (LIHTC), and subsidies from the City of New York’s Department of Housing Preservation and Development. By identifying development sites that are economically and geographically attractive and securing appropriate subsidies, HAP is able to create affordable housing that directly benefits the residents who live there and by extension, supports the well being of the larger community.
Understanding the need for Affordable Housing
- Over the last 20 years, wages have increased by less than 15% (after adjusting for inflation), while the average monthly rent for an apartment in New York City increased by almost 40%*
- Renters make up 68% of all households in New York City and about one third of renters face rental costs that are more than 50% of their income
- Vacancy rates in affordable housing properties are extremely low and wait lists can have tens of thousands of applicants
* Housing New York: A Five-Borough, Ten-Year Plan