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NYS HFA New Construction Capital Program (NCP)

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Status: Available

Type

Capital

Source

State

Procurement Agency

NYS HCR

Summary

NYS HFA's 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.

Tenant Eligibility Criteria

At least 50% of the project's units must be affordable to households earning up to 60% AMI.

Eligible Applicants

Eligible applicants include nonprofit or 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. 

Amount

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.

Term

The minimum regulatory agreement is 30 years.

Network Notes

For More Information

Read the 2018 Multifamily Open Window RFP here. See the term sheet here.

Contact

Leora Jontef

Vice President, Multifamily Finance - New Construction

New York State Homes and Community Renewal

(212) 872-0537

leora.jontef@nyshcr.org 

Last updated: 08/29/2019

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