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
Nonprofit or for-profit developers are eligible to apply.
The HCR Multifamily Finance 9% Application Reference Materials detail the maximum award per residential FHTF unit, which varies by unit size:
One Bedroom: $175,752
Two Bedroom: $213,718
Three Bedroom: $276,482
Four Bedroom: $303,490
Minimum 30-year term, up to 50-year term.
- Per the Fall 2022 HCR Multifamily Finance 9% LIHTC 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 term sheet, which is the same document for both the Multifamily Finance 9% LIHTC RFP and the Multifamily Finance 4% program, here.
Multifamily Finance 4% LIHTC/Bond Contact:
New York State Homes and Community Renewal
Multifamily Finance 9% LIHTC RFP Contacts:
Darren Scott, Upstate Director of Development East
Counties Served: Albany, Clinton, Columbia, Dutchess, Essex, Franklin, Fulton, Greene, Hamilton, Herkimer, Jefferson, Lewis, Montgomery, Orange, Oneida, Otsego, Putnam, Rensselaer, Rockland, Saratoga, Schenectady, Schoharie, St. Lawrence, Sullivan, Ulster, Warren, Washington, and Westchester
Leonard Skrill, Upstate Director of Development West and Downstate
Counties Served: Allegany, Bronx, Broome, Cattaraugus, Cayuga, Chautauqua, Chemung, Chenango, Cortland, Delaware, Erie, Genesee, Kings, Livingston, Madison, Monroe, Nassau, New York, Niagara, Onondaga, Ontario, Orleans, Oswego, Queens, Richmond, Schuyler, Seneca, Steuben, Suffolk, Tioga, Tompkins, Wayne, Wyoming and Yates.
Last updated: 11/04/2022