Categories: Funding, New York State
10.11.2019
NYS HCR released the 2019 Multifamily Finance 9% RFP (formerly known as the Unified Funding RFP), with early round aplications due November 15th and regular round applications due December 13th, 2019.
New York State Homes and Community Renewal (HCR) released its Multifamily Finance 9% Request for Proposals (RFP), through which applicants may apply for funding for the new construction, rehabilitation, and/or adaptive reuse of site-specific projects that provide multifamily rental housing.
| Program | Anticipated Funding |
| Supportive Housing Opportunity Program (SHOP) | $30 million |
| 9% Low-Income Housing Credit (LIHTC) | $28 million |
| Low-Income Housing Trust Fund Program (HTF) | $42 million |
| Rural and Urban Community Investment Fund (CIF) | $3 million |
| New York State Low-Income Housing Tax Credit (SLIHC) | $5 million |
| Public Housing Preservation Program (PHP) | $7 million |
| Middle Income Housing Program (MIHP) | $7 million |
| Housing Development Fund (HDF) | $5 million |
| Federal Housing Trust Fund Program (FHTF) | $15 million |
| Section 8 Project-Based Voucher Program (PBV) | 34 units |
What's New?
- The RFP will be released twice annually, in April and October of each year, with subsequent funding awards timed to take advantage of the construction season.
- Each RFP round will have an early and regular submission deadline. The early round will require a high level of project readiness; otherwise the requirements of each round will be the same. All projects must address a specific state housing goal.
- Applications will no longer be processed using CDOL. Applications submitted on incorrect or outdated forms will not be considered for funding. The application forms are available at hcr.ny.gov/multifamily. Submit completed applications electronically on two separate USB flash drives per the instructions in this RFP and the application.
- Technical Assistance (TA) is now required for all applications (not just Early Award applications). Instructions for TA requests are found in this RFP. HCR will review each application according to the Threshold requirements listed in this RFP. If a project does not meet the threshold requirements, it will be eliminated from further review under this RFP. Proposals that meet all threshold and eligibility requirements will be scored and ranked by geographic region. Applications will be evaluated using the scoring criteria outlined in the QAP and listed in this RFP.
- Any complete application which meets the threshold eligibility review criteria but is not selected for a credit reservation will be placed on a waiting list which will be in effect until the next funding round, at which time the waiting list will be terminated. Applicants on the waiting list will remain eligible to be selected for a credit reservation if credits are made available to the Division from the national credit pool, expired credit reservation or binding agreement, or recaptured credits.
- The Agency has made changes to its operating and replacement reserve requirements. Applicants should note the changes in the Underwriting Excel Workbook.
Significant Deadlines
- Webinar: October 23, 2019
- Deadline to submit questions: Prior to Applicable Application Deadline
- Early Round deadline to request TA session, A&E occupied rehab site visit, and/or credit fee deferral: October 16, 2019 at 3:00 PM EDT
- Regular Round deadline to request TA session, A&E occupied rehab site visit, and/or credit fee deferral: November 13, 2019 at 3:00 PM EST
- Early Round deadline to submit applications November 15, 2019 at 3:00 PM EST
- Regular Round deadline to submit applications December 13, 2019 at 3:00 PM EST
For more detailed information, please see HCR’s website. For key notes about the RFP, please see the Network’s Funding Guide.