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New HOP was created in response to the need of offering affordable housing opportunities to people that make modest, middle-income wages.  The below-market mortgages provided to developers for the construction of this type of rental housing are made through the proceeds of taxable bonds as well as though HDC抯 corporate reserves which are used to make second mortgages at a 1% interest. Typically, apartments created through New HOP are reserved for households earning a range of $53,800  for an individual, up to $134,000 (175% AMI) for a family of four.