Categories: New York State
In September, new term sheets for the New York State Housing Finance Agency (HFA) Affordable Rental Housing Program were announced. This funding supports the state’s 4% Low Income Housing Tax Credit (LIHTC) program and bond financing, along with several other capital programs. These funds are available through an open window procurement process.
There are a couple of notable changes to HFA’s Supportive Housing Opportunity Program (SHOP) term sheet.
- SHOP-funded projects in New York City must be owned by nonprofits, either 100%, as a turnkey, or with nonprofit control in a joint venture. HFA will continue to prioritize nonprofits in the rest of NYS.
- ESSHI eligible seniors – frail elderly -- may make up only 10% of the ESSHI units in a supportive housing project with SHOP funding.
It was also announced in the new design guidelines that there will be an additional 5% of community space allowed in supportive housing projects for support services space requirements. The guidelines currently allow for 25% of the building to be common areas. Now it is 30%.
To view all of the HFA term sheets and information about the programs, see here.