Federal HTF provides financing assistance for development acquisition, hard, and related soft costs, and operating cost assistance/reserves in projects that serve extremely low-income households.
Tenant Eligibility Criteria
HTF funding can oly be used for households with income up to 30% AMI. Other City and State programs may be used to fund other levels of affordability within the project. At least 50% of the total units in the project must be affordable to households with incomes up to 60% AMI.
Nonprofit or for-profit developers are eligible to apply.
Per unit maximum award varies from $85,000 to $200,000, depending on unit size and geography. Refer to the 2016 New York State HTF Allocation Plan for more detail.
Minimum 30 year regulatory agreement.
- This program was created through the 2008 Housing and Economic Recovery Act to finance housing for people with the lowest incomes. Federal HTF is allocated to states by a federal formula. The funds available have tripled over the past year.
- Financing is only available for site-specific multifamily rental housing that will have first mortgages financed by tax-exempt or taxable bonds issued by HFA. Integrated Supportive Housing Projects are a priority.
- $21.8 million is available in SFY 2018-19 through HCR's Multifamily Open Window RFP.
For More Information
Read the 2018 Open Window RFP here.
Read the 2016 New York State HTF Allocation Plan here.
Vice President, Multifamily Finance - New Construction
New York State Homes and Community Renewal
Last updated: 08/29/2019