New Construction Capital Program (NCP)
Total Annual Award
Up to $130 million is available in SFY 2018-19 through HCR's Multifamily Open Window RFP.
Tenant Eligibility Criteria
At least 50% of the project's units must be affordable to households earning up to 60% AMI.
NCP provides capital for site acquisition, hard costs and related soft costs associated with the new construction of or adaptive reuse of non-residential property to affordable housing. Financing is only available for site-specific multifamily rental housing that will also have first mortgages financed by tax-exempt or taxable bonds issued by HFA.
Funding Award Details
New York City and Westchester, Nassau & Suffolk Counties: Up to $140,000 per affordable housing unit.
Rest of State: Up to $95,000 per affordable housing unit.
The minimum regulatory agreement is 30 years.
While NCP is targeted to specific economic development goals, it may be available to the affordable units in mixed supportive housing projects.
Not eligible for use in 80/20 projects.
Eligible applicants include not-for-profit corporations or charitable organizations, or a wholly owned subsidiary of such corporations or organizations, or private for-profit developers. Priority shall be given to not-for-profit applicants that have prior experience in community development projects with at least 51% controlling interest in such projects, and which propose projects that utilize state or city-owned land.
For More Information
Read the 2018 Multifamily Open Window RFP here.
Vice President, Multifamily Finance - New Construction
New York State Homes and Community Renewal
Last updated: 04/02/2019
Did you know…
Supportive housing for youth aging out of foster care can generate a lifetime net savings of $90,000 in public sector money for every young adult.