Federal Housing Trust Fund (FHTF) 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 only 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 and the Multifamily Finance (9%) RFP
For More Information
Read the 2018 Multifamily Open Window RFP here.
Read the 2019 HCR Multifamily Finance (9%) RFP here.
Open Window RFP Contact:
Vice President, Multifamily Finance - New Construction
New York State Homes and Community Renewal
Multifamily Finance (9%) RFP Contacts:
Eastern New York Regional Office
Hampton Plaza, 38-40 State Street, 6th Floor
Albany, New York, 12207
Darren Scott, Upstate Development Director East: (518) 485-7608
New York City and Long Island Regional Office
25 Beaver Street, 7th Floor
New York, NY 10004
Maria Kolaitis, Downstate Director of Development: (212) 872-0506
Western & Central New York Regional Office
535 Washington Avenue, Suite 105
Buffalo, New York 14203
Leonard Skrill, Upstate Development Director (West): (716) 847-3926
Last updated: 10/16/2019