Status: Available
Type
Capital
Source
State
Procurement Agency
NYS HCR
Summary
HCR's Multifamily Preservation Program (MPP) provides financing for the preservation and improvement of rental properties located throughout New York State. It is available through the Multifamily Finance 4% program.
Tenant Eligibility Criteria
MPP funding can be used for households earning up to 80% AMI.
Eligible Applicants
Nonprofit and for-profit developers are eligible to apply. Properties currently supervised or otherwise regulated by HCR are a priority.
Amount
$70,000 limit per income-restricted unit.
Term
Minimum 40-year regulatory agreement.
Network Notes
- Not currently available in the 9% LIHTC round of funding.
For More Information
See the Multifamily Finance 4% program materials here.
See the MPP term sheet here.
Contact
New York State Homes and Community Renewal
(212) 872-0537
MulifamilyFinance@nyshcr.org
Last updated: 11/04/2022