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.
Nonprofit and for-profit developers are eligible to apply.
The HCR Multifamily Finance 9% Application Reference Materials detail the maximum award per HOME unit, which varies by unit size:
One Bedroom: $183,132
Two Bedroom: $222,693
Three Bedroom: $288,093
Four Bedroom: $316,236
The project must remain in service for a minimum term of 30 years, up to 50 years.
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.
Last updated: 11/04/2022