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. NCP is available through HFA’s Multifamily Finance 4% program.
Tenant Eligibility Criteria
Up to 60% AMI, or 80% AMI for projects utilizing LIHTC Income Averaging.
For projects seeking funding under the Middle Income Housing Program (MIHP), additional income restrictions apply. Please see term sheet.
Eligible applicants include nonprofit or for-profit developers.
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.
For MIHP financed units, up to $200,000 in MIHP per unit in New York City, Westchester, Nassau and Suffolk counties, and up to $150,000 in MIHP per unit in all other counties.
The minimum regulatory agreement is 40 years.
State priorities for this funding source include the redevelopment of State-owned and municipally-owned sites and developments that meet critical needs in their communities, family housing in high performing school districts, community redevelopment and revitalization, and development specifically supported by the Regional Economic Development Councils and the Downtown Revitalization Initiative, and projects developed by MBE organizations.
For More Information
See the New Construction Program term sheet here.
New York State Homes and Community Renewal
Last updated: 11/03/2022