Status: Available
Type
Capital
Source
Federal
Procurement Agency
NYS HCR
Summary
The NYS HCR HOME program will fund hard costs and acquisition related soft costs for permanent supportive housing and affordable housing. It is available through the Multifamily Finance 9% LIHTC RFP.
Tenant Eligibility Criteria
HOME rental projects must serve households with incomes at or below 60% of area median income (AMI). There are scoring incentives for projects in which 15% or more of the units are set aside for special needs populations including homeless, mentally ill, substance abuse, domestic violence and physically disabled individuals and families.
Eligible Applicants
Nonprofit and for-profit developers are eligible to apply.
Amount
The HCR Multifamily Finance 9% Application Reference Materials detail the maximum award per HOME unit, which varies by unit size:
Studio: $159,753
One Bedroom: $183,132
Two Bedroom: $222,693
Three Bedroom: $288,093
Four Bedroom: $316,236
Term
The project must remain in service for a minimum term of 30 years, up to 50 years.
Network Notes
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
- HOME funding is block granted to both New York State and larger municipalities [HOME Investment Partnership Program (New York Localities)]
- $2 million in HOME is available through the 2022 Fall Multifamily 9% LIHTC RFP.
- Priority will be given to Supportive Housing Projects with at least 30% supportive units (25% for project with OPWDD units) developed by not-for-profit organizations and projects developed by Community Housing Development Organizations (CHDOs)
- HOME funding for more than twelve units in a project requires compliance with Davis-Bacon prevailing wage regulations.
- HOME may be combined with other HCR financing in a project, however HOME must be the only source of HCR subsidy financing in a unit.
- NYS HOME funds are most often used outside of New York City.
For More Information
See HCR's Term Sheet here.
Contact
Multifamily Finance (9%) RFP Contacts:
Darren Scott, Upstate Director of Development East
(518) 795-5016
darren.scott@nyshcr.org
Leonard Skrill, Upstate Director of Development West and Downstate
(518) 461-6591
leonard.skrill@nyshcr.org
Last updated: 11/04/2022