HPD has recently updated the HPD marketing handbook in July 2018. The new version contains all policies and procedures for the marketing program, including application, lottery, and leases up the process.
HPD marketing handbook is the best source of information to navigate you through the complicated process of HPD marketing.
Developers, owners and any other agents responsible for the marketing and applicant selection for affordable housing lottery must comply with regulations and procedures provided by the marketing handbook. For example, building owners wish to participate in the HPD marketing program should plan to start at least 9 months before the construction completion according to HPD marketing timeline.
HPD closely monitors throughout the marketing process to ensure a fair selection of eligible tenants.
The handbook gives a detailed review of requirements and procedures. However, it is not a comprehensive compliance guide. Therefore, the actual marketing, lottery, and lease-up procedure must also follow the marketing plan. First of all, HPD must approve the specific plan filed for each project. Then, the developers and owners need to ensure compliance with the plan and actively reach out to HPD’s project manager for questions regarding any rules and regulations.
As a result of the successful completion of the marketing project, properties may be eligible for up to 35 years of 421a tax abatement benefits.