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.
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.
Per-Residential Unit Maximum Award for the Multifamily Open Window:
- New York City and Westchester, Nassau & Suffolk Counties: Up to $140,000
- Rest of State: Up to $95,000
- Per the Fall 2022 HCR Multifamily Finance (9%) RFP, the anticipated funding for this program is $5 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
- There is not a current term sheet for MIHP. It’s availability is indicated in the other HCR capital subsidy term sheets.
For More Information
Read the Fall 2022 Multifamily Finance 9% RFP here.
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