Status: Available
Type
Capital
Source
Federal
Procurement Agency
NYS HCR
Summary
Federal Housing Trust Fund (FHTF) is available through both the Multifamily Finance 9% LIHTC and Multifamily Finance 4% programs. It 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
FHTF 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
Eligible Applicants
Nonprofit or for-profit developers are eligible to apply.
Amount
The HCR Multifamily Finance 9% Application Reference Materials detail the maximum award per residential FHTF unit, which varies by unit size:
Studio: $173,011
One Bedroom: $198,331
Two Bedroom: $241,176
Three Bedroom: $312,004
Four Bedroom: $342,482
Term
Minimum 30-year term, up to 50-year term.
Network Notes
- Per the Fall 2023 HCR Multifamily Finance 9% LIHTC RFP , the anticipated funding for this program is $25 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 term sheet for the Multifamily Finance 9% LIHTC RFP and the Multifamily Finance 4% program term sheet here.
Contact
Multifamily Finance 4% LIHTC/Bond Contact:
New York State Homes and Community Renewal
(212) 872-0537
MulifamilyFinance@nyshcr.org
Multifamily Finance 9% LIHTC RFP Contacts:
Darren Scott, Upstate Director of Development East
(518) 795-5016
darren.scott@nyshcr.org
Counties Served: Albany, Clinton, Columbia, Dutchess, Essex, Franklin, Fulton, Greene, Hamilton, Herkimer, Jefferson, Lewis, Montgomery, Orange, Oneida, Otsego, Putnam, Rensselaer, Saratoga, Schenectady, Schoharie, St. Lawrence, Sullivan, Ulster, Warren and Washington.
Leonard Skrill, Upstate Director of Development West
(518) 461-6591
leonard.skrill@nyshcr.org
Counties Served: Allegany, Broome, Cattaraugus, Cayuga, Chautauqua, Chemung, Chenango, Cortland, Delaware, Erie, Genesee, Livingston, Madison, Monroe, Niagara, Onondaga, Ontario, Orleans, Oswego, Schuyler, Seneca, Steuben, Tioga, Tompkins, Wayne, Wyoming and Yates.
Ross Karp, Downstate Development Director
(212) 872-0395
Counties Served: Bronx, Kings, New York, Nassau, Queens, Richmond, Rockland , Suffolk, Westchester.
Last updated: 10/03/2023