NYCHDC's partnership with Builders Patch in financing and underwriting of affordable housing developments

NYCHDC is the nation’s largest municipal Housing Finance Agency and is charged with helping to finance the creation and preservation of affordable housing under Mayor Bill de Blasio’s Housing New York 2.0 plan. The plan envisions securing 300,000 homes for low- and middle-income families in New York City by 2026, leading the way and setting new standards in affordable home creation nationwide. 

In 2020, HDC joined the City of New York in its efforts to finance the construction or preservation of 29,521 affordable homes – the second-highest calendar year total in New York City history. HDC also serves as a key financing partner in the rehabilitation of New York City’s public housing stock under the NYCHA 2.0 Permanent Affordability Commitment Together (PACT) initiative.

As one of the nation’s top issuers of mortgage revenue bonds for affordable multifamily housing since 2003, HDC has financed more than 201,000 housing units using over $27 billion in bonds and other debt obligations and provided in excess of $3 billion in subsidy from corporate reserves and other available funds held by the corporation. 

Builders Patch is a secure cloud-based platform to manage multifamily housing deals from acquisition to asset management. The platform is particularly focused on automating due diligence collection, underwriting and loan approvals. Builders Patch is a venture capital backed startup, and the company recently raised $2.3MM in seed funding from Urban Innovation Fund, Govtech Fund, Urban Us, Lucas Venture Fund, TenOneTen Ventures and others. 

The NYCHDC team is partnering with Builders Patch to manage loan proposals for the City’s affordable housing projects and to collect the associated due diligence. Housing developers seeking NYCHDC funding will now be able to fill out and digitally submit their financing proposals to NYCHDC and transfer the required due diligence items on a centralized platform.