Status: Available
Type
Capital
Source
New York City
Procurement Agency
NYC HPD
Summary
Mix & Match funds new construction of mixed income multi-family rental projects in New York City.
Tenant Eligibility Criteria
Mix and Match funds multifamily rental projects in which 40% - 60% of the units serve households earning up to 80% of Area Median Income (AMI) and the remaining 40% - 60% of the units would serve households with incomes up to 120% AMI. At least 15% of the units must be set aside for formerly homeless households.
Eligible Applicants
The borrower must be a Housing Development Fund Corporation either alone or in partnership with non-profit entities, for-profit Developers, limited partnerships, corporations, trusts, joint ventures, or limited liability companies.
The maximum income for a LIHTC unit is 80% AMI and the average income for all LIHTC units in the project must be less than 60% AMI.
Projects should have a maximum of four non homeless affordability tiers. All buildings are required to have a 15% homeless set-aside.
Affordability tiers should include a minimum of 40% of units serving households earning up to 50% AMI, inclusive of units for formerly homeless households.
Amount
The subsidy calculation is based on the number of units with rents affordable to households at or below 120% AMI.
Depending on the AMI tier, Subsidy levels vary from $37,500 per unit to $220,000 per unit. Please see HPD’s term sheet for more detail.
Term
The construction loan has a 30-year term. Additionally, projects will be subject to an HDC regulatory period.
Network Notes
- Eligible Mix and Match costs include land acquisition, construction, professional fees and other soft costs.
- HPD’s Mix and Match can be used in conjunction with HDC’s Mix and Match loan program. Homeless set-aside units may utilize the Our Space program, which provides a limited amount of service funding for the project. For more information see the Our Space entry in the Network’s Funding Guide.
- Homeless referrals must come directly from HPD, unless there is a supportive housing social service contract award from the NYS Office of Mental Health (OMH), the NYC Department of Health and Mental Hygiene (DOHMH), or another government agency.
- For projects with a social service contract that provides rental assistance above tax credit rents, HPD may require a portion of net cash flow be deposited into a social service reserve.
- All projects with homeless set-aside units must submit a Social Service Plan and a proposed Social Service Provider for HPD approval prior to marketing and lease-up of the homeless set-aside units, except those receiving referrals from a government agency under a social service contract.
- Projects considering a homeless component with rental assistance other than PBV (for example ESSHI or 15/15) must have at least 30 units under the contract to be considered.
For More Information
See HPD’s term sheet.
Contact
Multifamily New Construction Programs
100 Gold Street, Room 9K
mfnc@hpd.nyc.gov
Last updated: 03/12/2020