Although details still remain to be worked out, HARP would entail developers setting aside a portion of their projects' units as affordable for moderate- or middle-income families. In return, the developer would receive a subsidy and a guaranteed buyer or rental income stream.

The city says HARP will focus on two types of problematic developments: completed projects with a high number of vacancies and stalled sites that are still under construction. In late July, the city's Department of Housing Preservation and Development will issue a Notice of Funding Availability for the new program, soliciting proposals from developers and lenders.

According to a release, projects will be selected through a competitive process based on three goals: neighborhood stabilization, efficient use of public funding and the deepest discounts below market rate on prospective units. "Everyone would agree that a completed affordable project is a better investment for our city than a skyline of half finished projects," says Melinda Katz, chair of the Council's land use committee, in a statement.