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. It is expected that projects will have a mix of income levels. At least 50% of the total units in the project must be affordable to households with incomes up to 60% AMI.I.
Nonprofit or for-profit developers are eligible to apply.
Refer to the New York State Annual Action Plan for the maximum award per residential FHTF unit, which varies by building type and unit size.
Minimum 30-year, maximum 50 year regulatory agreement.
Per the Winter 2022 HCR Multifamily Finance (9%) RFP, the anticipated funding for this program is $23 million.
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.
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.
For More Information
Read the 2022 HCR Term Sheet here.
Open Window RFP Contact:
New York State Homes and Community Renewal
Multifamily Finance (9%) RFP Contacts:
Darren Scott, Upstate Director of Development East
Last updated: 02/27/2022