Categories: Funding
08.21.2013
Applications for funding due October 10 and December 5
NYS Homes and Community Renewal (HCR) has released its annual Unified Funding Round Request for Proposals (RFP) for its Multifamily Capital and Credit Programs. The Network commends the State for once again committing a minimum of $4 million in federal Low Income Housing Tax Credits (LIHTC) funding for supportive housing developments.
You can read the RFP here.
Funds available this year include roughly $25 million in LIHTC, $4 million in NYS Low Income Housing Tax Credits (SLIHC), $32 million in Housing Trust Fund (HTF) funding and $5.5 million in NYS HOME funds. Also available are $500,000 in Rural Area Revitalization Program (RARP) and $50,000 in Urban Initiatives (UI) funding, carried over from last year.
New this year, the funding round offers $5.4 million in funding through the Rural and Urban Community Investment Fund. This program will fund rural preservation projects and non-residential spaces in mixed developments across the state.
Those seeking funding must submit early round applications by October 10 and regular round applications by December 5.
Early round applications must meet one of several New York State housing goals. These include housing for veterans with special needs and projects that dedicate up to 20% of their total units for people with developmental disabilities. The latter projects must have a clear financial commitment from the NYS Office for Persons with Developmental Disabilities (OPWDD). These priorities are continued from last year.
Also of note: Early round projects are covered by the current Qualified Allocation Plan (QAP). Regular round projects will be covered by the new QAP, which includes three new scoring criteria:
- Cost Effectiveness (5 points). Points given for projects below median cost. There is also a threshold limitation on projects above 130% of median cost.
- Housing Opportunity Projects (3 points). Family housing projects located in areas with low crime and good schools.
- Minority and Women Owned Business Enterprise Participation (2 points).
Also new this year, mixed-income pilot projects for families will be developed in New York City. These projects will allow for additional tax credits to be used to serve lower-income families in mixed-income developments of up to 120% of the area median income (AMI), so long as the overall average AMI in the project remains below 60%. This shift will allow projects to serve more people at low incomes and integrate them with middle-income families.
HCR will again hold informational meetings in three locations:
Rochester:
Wednesday, September 4 at 10:00am
Rochester City Council Chambers
City Hall – Room 302
30 Church St.
Albany:
Monday, September 9 at 10:00 AM
Hampton Plaza Ballroom
38-40 State Street
New York City:
Tuesday, September 10 at 10:30 AM
Room 510
25 Beaver St,
No pre registration is required to attend these meetings.