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.
Nonprofit and for-profit developers are eligible to apply.
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
50-year minimum term regulatory agreement.
- For the Fall 2022 HCR Multifamily Finance 9% LIHTC RFP, the anticipated funding for this program is $18 million in LIHTC.
- Applications are made available twice a year.
- At least 50% of the total units must be supportive to qualify for the supportive housing set-aside. Up to $3 million of LIHTC is set aside for supportive housing project in the Fall 2022 round.
- For ESSHI applicants under the supportive housing set-aside, must have applied for ESSHI Round 7, or have an active ESSHI conditional award.
- 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.
- Fall 2022 Timeline:
|RFP Release||September 29, 2022|
|Funding Round Presentation||October 13, 2022|
|Deadline to submit questions||Prior to Application Deadline|
|Design Waivers Due||November 8, 2022 at 3:00 PM ET|
|Register users/emails for drop box||November 3, 2022 at 3:00 PM ET|
|Deadline to request TA session, Design Unit occupied rehabilitation package due, and/or LIHTC/SLIHC fee deferral||November 8, 2022 at 3:00 PM ET|
|Deadline to submit applications||December 6, 2022 at 11:59 PM ET|
For More Information
Read the Fall 2022 HCR Multifamily Finance 9% LIHTC RFP here.
The HCR 9% LIHTC term sheet is here
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