Status: Available
Type
Capital
Source
Federal
Procurement Agency
NYS HCR
Summary
HCR 9% Low-Income Housing Tax Credits (LIHTC) are competitively allocated to affordable housing projects across NYS. Eligible uses are for residential only or residential with Community Service Facility; new construction, building acquisition with rehabilitation, and rehabilitation including adaptive reuse of non-residential property.
Tenant Eligibility Criteria
Low-income households earning up to 60% AMI (80% AMI for projects with LIHTC income averaging). Must meet one of the following requirements:
- 20% of the units must be set-aside for household earning up to 50% AMI;
- 40% of the units must be set-aside for households earning up to 60% AMI; or
- 25% of the units must be set-aside for household earning up to 60% AMI where allowable under the IRC (i.e. NYC only); or
- Projects proposing income averaging must meet the following parameters:
- At least 40% of the project units are both rent-restricted and occupied by individuals do not exceed the imputed income limitations designated by the project owner
- The average imputed income limitations designated cannot exceed 60% AMI; and
- The designated imputed income limitation must be in 10% increments ranging from 20% to 80% AMI
Per the state's Qualified Allocation Plan (QAP), there are scoring incentives for projects serving tenants that have special needs such as homelessness, mental illness, substance abuse, domestic violence, and physical disabilities.
Eligible Applicants
Nonprofit and for-profit developers are eligible to apply.
Amount
Per project maximum award:
- $2.2 million in New York City, Westchester, Nassau and Suffolk counties. Up to $3,028,000 million for projects in which 50% or more of the units have three or more bedrooms to serve large families (defined as households with five or more persons).
- $1.43 million rest of state. Up to $1.65 million for projects in which 50% or more of the units have three or more bedrooms to serve large families (defined as households with five or more persons).
Per unit maximum award:
- $27,000/unit in New York City
- $22,000/unit outside of New York City
Term
HCR requres a minimum 50-year regulatory agreement.
Network Notes
- For the Winter 2022 HCR Multifamily Finance (9%) RFP, the anticipated funding for this program is $16 million in LIHTC.
- Applications are made available twice a year.
- At least 50% of the total units must be supportive to qualify for the set-aside. For ESSHI applicants under the set aside, must have a conditional award letter from Round 6 or an extension from Round 5 to qualify.
-
Projects may only apply for one subsidy gap financing source per residential unit, except for FHTF and HDF which may be included in addition to another source of subsidy.
- 9% LIHTC is layered with programs such as Housing Trust Fund (HTF), Supportive Housing Opportunity Program (SHOP), NY State Low-Income Housing Credits (SLIHC), and the Rural and Urban Community Investment Fund (CIF).
- HCR provides technical assistance for projects through the application. HCR requires a technical assistance session to meet application threshold.
For More Information
Read the Winter 2022 HCR Multifamily Finance (9%) RFP here.
Contact
Open Window RFP Contact:
New York State Homes and Community Renewal
(212) 872-0537
MulifamilyFinance@nyshcr.org
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: 02/27/2022