Status: Available
Type
Capital
Source
Federal
Procurement Agency
NYS HCR
Summary
The NYS HOME program will fund hard costs and acquisition related soft costs for permanent supportive housing and affordable housing.
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
Maximum of $2.4 million per project, except for Housing Opportunity Projects.
Term
The project must remain in service for a term of 30 years.
Network Notes
- HOME funding is block granted to both New York State and larger municipalities [HOME Investment Partnership Program (New York Localities)]
-
$10 million in HOME is available through the 2021 Spring 9% Multifamily RFP
- Applications are typically made available in August through Homes and Community Renewal's Unified Funding Award process, due in December and announced in the following spring. All UFA funds, including HOME, are awarded using the scoring priorities contained in the HCR Qualified Allocation Plan. State HOME funds play an important role as gap filler in HCR capital projects under the Unified Funding Round.
- 15% of each allocation of New York State HOME funds is reserved for qualified community housing development organizations (CHDO), in accordance with federal law. Of the remaining funds, a minimum of 80% is reserved for projects that are not located in communities that have been designated by the U.S Department of Housing and Urban Development (HUD) as participating jurisdictions (PJs).
- HOME funding for more than twelve units in a project requires compliance with Davis-Bacon prevailing wage regulations.
- 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
(518) 461-6591
leonard.skrill@nyshcr.org
Ayanna Wayner, Downstate Director of Development
(212) 872-0506
ayanna.wayner@nyshcr.org
Last updated: 08/16/2021