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New Construction Capital Program (NCP)

Status

Available

Type

Capital

Source

State

Procurement Agency

NYS HCR

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.

Eligible Applicants

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

N/A

Amount 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.

Term

The minimum regulatory agreement is 30 years.

Network Notes

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

Leora Jontef

Vice President, Multifamily Finance - New Construction

New York State Homes and Community Renewal

(212) 872-0537

leora.jontef@nyshcr.org 

Last updated: 06/25/2018

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