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
HCR requres a minimum 50-year regulatory agreement.
- For the Spring 2021 HCR Multifamily Finance (9%) RFP, the anticipated funding for this program is $16 million in LIHTC.
- Applications are made available twice a year.
- In the fall of 2019, there was an early round for shovel-ready projects and also regular due dates, approximately one month later. A second early round due date for Empire State Supportive Housing Initiative (ESHHI) funded projects was set for November 2019. Total LIHTC available was $28 million, $5 million of which was set aside for supportive housing. In July 2020, the second part of the HCR Multifamily Finance (9%) RFP, was released. The remaining 9% LIHTC funds available total $11 Million, $2 million of which is set aside for supportive housing
- At least 50% of the total units must be supportive to qualify for the set-aside.
- 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 Spring 2021 HCR Multifamily Finance (9%) RFP here.
Open Window RFP Contact:
New York State Homes and Community Renewal
Multifamily Finance (9%) RFP Contacts:
Darren Scott, Upstate Director of Development East
Leonard Skrill, Upstate Director of Development West
Ayanna Wayner, Downstate Director of Development
Last updated: 08/16/2021