Status: Available
Type
Capital
Source
State
Procurement Agency
NYS HCR
Summary
HCR's MIHP provides gap financing to HCR developments with units between 90% and 130% AMI. It may be blended with other HCR capital funding. MIHP is available through the Multifamily Finance 9% LIHTC RFP.
Tenant Eligibility Criteria
Households with income up to 130% AMI.
Eligible Applicants
Nonprofit and for-profit developers are eligible to apply. Program priorities are:
- Provide housing opportunities in high economic growth areas and/or areas served by high-performing school districts.
- Encourage middle income households to live in economically challenged areas.
- Stabilize neighborhoods that are between economically vibrant and economically challenged communities.
Amount
Per-Residential Unit Maximum Award for the Multifamily Open Window:
- New York City and Westchester, Rockland, Nassau & Suffolk Counties: Up to $200,000
- Rest of State: Up to $150,000
Term
30 years.
Network Notes
- Per the Fall 2024 HCR Multifamily Finance (9%) RFP, the anticipated funding for this program is $12 million.
- Because of the higher income band served by MIHP, it’s not used in supportive housing directly but may be a part of mixed development projects with a smaller supportive housing set aside
- MIHP must be the only source of HCR funding in the unit
For More Information
Read the Fall 2024 MIHP term sheet RFP here.
Contact
Darren Scott, Upstate Director of Development East
(518) 795-5016
darren.scott@nyshcr.org
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
(518) 461-6591
leonard.skrill@nyshcr.org
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: 08/08/2024