Status: Available
Type
Capital
Source
State
Procurement Agency
NYS HCR
Summary
Hotel and Commercial Conversions Program will provide low-cost second mortgage financing for the acquisition and creation of permanent affordable and supportive rental housing in New York State. This program funding is intended to be combined with conventional financing for acquisition, construction and permanent financing.
Tenant Eligibility Criteria
All units must be income-restricted, and serve households earning up to 80% of AMI, income averaging at or below 60% of AMI.
A project must contain a minimum of 50% of units that serve supportive populations, up to a maximum of 60% supportive housing units. The unit balance may be non-supportive, affordable housing. Priority will be given to projects that provide on-site supportive services
Eligible Applicants
Nonprofit only. Must be a single-asset, sole-purpose entity HDFC eligible for a 420-a tax exemption.
Amount
Up to $150,000 per affordable or supportive housing unit
Term
HCR requires a regulatory agreement of at least 99 years
Network Notes
- Up to $100 million is available in FY 2021-22
- Supportive housing units should be underwritten to 50% AMI rents.
- In NYC, prevailing wage is to be paid to building service employees except:
- In buildings with less than 120 units; or
- Projects that provide at least 50% supportive units serving the homeless, and provide on-site supportive services for all supportive units with the remaining units serving households earning up to 80% of AMI.
For More Information
Read the Fall 2022 HCR term sheet here.
Contact
Open Window RFP Contact:
New York State Homes and Community Renewal
(212) 872-0537
MulifamilyFinance@nyshcr.org
Last updated: 11/04/2022