Housing Trust Fund (HTF)
Type
Capital
Source
State
Procurement Agency
New York State Homes and Community Renewal (HCR)
Total Annual Award
$38,154,000 in 2010 for 18 projects.
Eligible Populations
Low-income individuals and families.
Eligible Projects
Affordable and supportive housing. In cities with populations over one million, tenants must be below 80% of the area median income (AMI); for one million and fewer, tenants must be below 90% AMI. No more than one-third of the appropriation may go to for-profit developers.
Funding Award Details
HTF provides funding to:
- construct low-income housing
- rehabilitate vacant or under-utilized residential property (or portions of a property)
- convert vacant non-residential property to residential use for occupancy by low-income tenants.
The average amount awarded is $2.1 million. In 2010, awards ranged from $1,100,000 million to $2.4 million.
Rate Details
Limited to $125,000 per unit.
Term of Service/Length of Grant
Project sponsors must ensure long-term (15-30 years) use by low-income and/or very low-income persons.
Limitations
HTF cannot be used with 4% tax credits or bonds. Tenants must pay 30% of their income as rent up to the established market rent. If tenants who initially qualified for occupancy increase their income, they may stay in residence and continue to pay the full rental amount. Vacated units must continue to be rented to income-eligible tenants. Applications requesting HTF funding for projects should not exceed $2.4 million. No more than 50% of any HTF payments may be used for acquisition costs. Projects must be sited in an area designated as blighted, deteriorated or deteriorating by federal, state or local government.
Network Notes
HTF-funded projects should be mostly residential, but HTF may be used for community space, on-site management, laundry rooms, social service space, dining and cooking areas and recreation areas, depending on the nature of the project. In the 2009 funding round, HTF was combined with Low Income Housing Tax Credits on 12 out of the 40 unified funding projects. HTF may also be paired with other HCR capital funding, including HOME and RARP. No more than 50% of the total appropriation may be awarded to any one community, meaning New York City.
For More Information
To read the grant application, visit here.
Contact
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Capital District Regional Office Arnon Adler Capital Region Hampton Plaza 38-40 State St., 2nd Floor Albany, NY 12207 Phone: 518-486-5012 Counties Served: Albany, Clinton, Columbia, Delaware, Dutchess, Essex, Fulton, Greene, Hamilton, Montgomery, Orange, Otsego, Putnam, Rensselaer, Saratoga, Schenectady, Schoharie, Sullivan, Ulster, Warren, and Washington. |
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New York City Regional Office Greg Watson Regional Director 25 Beaver St. New York, New York 10004 Phone: 212-480-7644 Fax: 212-480-7164 Counties Served: Bronx, Kings, New York, Queens, Richmond, Nassau, Suffolk, Rockland, and Westchester. |
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Buffalo Regional Office Thomas Van Nortwick Regional Director Electric Tower, Suite 105 535 Washington Street Buffalo, NY 14203 Phone: 716-847-7955 Fax: 716-847-3244 Counties Served: Allegany, Cattaraugus, Chautauqua, Chemung, Erie, Genesee, Livingston, Monroe, Niagara, Ontario, Orleans, Schuyler, Seneca, Steuben, Wayne, Wyoming, and Yates. |
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Syracuse Regional Office Daniel Buyer Regional Director 620 Erie Blvd. West, Suite 312 Syracuse, NY 13204 Phone: 315-478-7179 Fax: 315-478-7188 Counties Served: Broome, Cayuga, Chenango, Cortland, Franklin, Herkimer, Jefferson, Lewis, Madison, Oneida, Onondaga, Oswego, St. Lawrence, Tioga, and Tompkins. |
Last updated: 09/15/2011
Did you know…
The Network represents over 200 supportive housing providers from across New York.