HDFC Enabling Law (Article XI)
N.Y. Private Housing Finance Law Article XI (§§ 570 et seq.; § 577)
Article XI of the New York Private Housing Finance Law establishes the framework for Housing Development Fund Companies (HDFCs), corporations organized under the not-for-profit or business corporation law to develop and operate affordable housing for persons of low income, subject to supervision by a supervising agency (HPD in NYC) under recorded regulatory agreements (§576). Section 577 authorizes a local legislative body to grant partial real property tax exemption for HDFC projects (for up to 40 years), which in NYC is implemented as the "DAMP" (Division of Alternative Management Programs) exemption; §577 also provides mortgage-recording and (per the FY2021-22 amendment) sales/use tax exemptions for HDFCs with qualifying regulatory agreements.
Who must comply
Other HPD regulations
FHA Design & Construction
Fair Housing Act, 42 U.S.C. § 3604(f)(3)(C); 24 C.F.R. § 100.205
LL86 Rent-Stab Notice
Local Law 86 of 2025
Security Deposit Rules
N.Y. Gen. Oblig. Law §§ 7-103, 7-108
RPAPL Eviction Proceedings
N.Y. Real Prop. Acts. Law (RPAPL) §§ 711, 731, 733, 749, 768
Rent Increase / Non-Renewal Notice
N.Y. Real Prop. Law § 226-c
Good Cause Eviction
N.Y. Real Prop. Law Art. 6-A §§ 210-218
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