About Us
The New York City Housing Development Corporation (HDC) is a public benefit corporation that finances the creation and preservation of affordable housing in New York City. HDC provides bond financing, subsidies, and low-cost loans to support the development and long-term affordability of multifamily rental and homeownership housing serving low-, moderate-, and middle-income households.
HDC was created in 1971 by the New York State Legislature as an entity independent of the City’s capital budget to expand access to affordable housing financing. Initially focused on large-scale rental developments, HDC’s role has expanded over time to support a broad range of housing types and project sizes across the city.
Operating citywide, HDC uses tax-exempt and taxable bond issuance, along with direct subsidy from its corporate reserves, to support housing production and preservation. The corporation adapts its financing programs to respond to changing market conditions and affordability needs, with a core focus on affordable and mixed-income housing development.