501(c)(3) Bond Financing Program
Type
Capital
Source
State
Procurement Agency
New York State Homes and Community Renewal (HCR)
Total Annual Award
Total awards are only limited by state bond volume cap.
Eligible Populations
Low-, moderate- and middle-income persons, including populations with special needs.
Eligible Projects
This program makes the proceeds of 501(c)(3) tax-exempt bonds available to nonprofit organizations for the new construction, rehabilitation and preservation of affordable multifamily rental housing projects. Projects currently owned by a 501(c)(3) organization and financed by an entity other than HCR may be eligible for this financing.
Funding Award Details
This is a rolling application that may be layered with other subsidy.
Rate Details
Based on assessed value of property.
Term of Service/Length of Grant
15 years.
Limitations
Cannot be blended with low-income housing tax credits.
Network Notes
This resource may become the best answer for refinacing affordable housing tax credit projects that have reached the end of their initial 15-year term of affordability. It would allow the nonprofit partner to assume direct ownership over the project.
For More Information
See HCR's website.
Contact
Leonard Gruenfeld
Senior Underwriter
New York State Homes and Community Renewal
212-872-0386
LGruenfeld@nyshcr.org
Last updated: 09/16/2011
Did you know…
It costs taxpayers more than $40,000 a year to leave a mentally ill New Yorker homeless.