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 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.
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.
- 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.
- Up to $130 million is available in SFY 2018-19 through HCR's Multifamily Open Window RFP.
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.
Vice President, Multifamily Finance - New Construction
New York State Homes and Community Renewal
Last updated: 08/29/2019