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501(c)(3) Bond Financing Program

Status

Available

Type

Capital

Source

State

Procurement Agency

NYS HCR

Total Annual Award

Total awards are only limited by state bond volume cap.

Tenant Eligibility Criteria

Low-, moderate- and middle-income persons, including populations with special needs.

Eligible Applicants

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.

Amount Details

Based on assessed value of property. 

Term

15 years.

Network Notes

Cannot be blended with low-income housing tax credits.  This funding stream can only work for certain not-for-profit projects that don’t need the additional tax credit equity.  As such, they are only useful for projects where the nonprofit agency wishes to keep sole ownership.

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.

Roger Harry
(212) 872-0506
Roger.Harry@nyshcr.org

Last updated: 09/26/2016

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