Status: Available
Type
Capital
Source
State
Procurement Agency
NYS HCR
Summary
The Senior Housing Program provides capital funding for site acquisition, hard costs, and related soft costs to create housing for low-income seniors in New York State. It is available through both the Multifamily Finance 9% LIHTC RFP and the Multifamily Finance 4% program.
Tenant Eligibility Criteria
Low-income seniors, aged 62 and above. AMI restrictions: Up to 60% AMI or up to 80% AMI if utilizing Income Averaging.
Projects with at least 10% of income-restricted units up to 30% AMI are a priority.
Eligible Applicants
Nonprofit or for-profit developers with experience developing, marketing, owning and managing housing for low income seniors.
Amount
New York City and Rockland, Westchester, Nassau & Suffolk Counties: Up to $140,000 per housing unit with a household income limit of up to 60% AMI.
- Projects leveraging funds from the City of New York can receive up to $70,000 per residential unit.
Rest of State: Up to $95,000 per housing unit.
Term
Minimum 40-year regulatory agreement, maximum of 50 years.
Network Notes
- Per the Fall 2024 HCR Multifamily Finance 9% LIHTC RFP, the anticipated funding for this program is $20 million.
- An additional $4 million is available for LGBTQ+ affirming Low-income seniors,
- Along with financing application, developers must submit service plan narrative.
- Developers seeking funding for a housing development that intends to restrict tenancy based on age (e.g., “senior housing” projects or supportive units serving “frail elderly”), shall provide HCR with proof the project has obtained an exemption from the New York State Division of Human Rights (“DHR”) in accordance with N.Y. Exec. Law § 296-2a(e).
- Senior Housing Funds may not be used with SHOP, HTF or PHP.
- Projects must be unlicensed Senior Housing only.
For More Information
See the Senior Housing Program term sheet, which is the same document for both the Multifamily Finance 9% LIHTC RFP here
And the Multifamily Finance 4% program, here.
Contact
Multifamily Finance 4% Contact
New York State Homes and Community Renewal
(212) 872-0537
MulifamilyFinance@nyshcr.org
Multifamily Finance 9% LIHTC RFP Contacts:
Darren Scott, Upstate Director of Development East
(518) 795-5016
darren.scott@nyshcr.org
Counties Served: Albany, Clinton, Columbia, Dutchess, Essex, Franklin, Fulton, Greene, Hamilton, Herkimer, Jefferson, Lewis, Montgomery, Orange, Oneida, Otsego, Putnam, Rensselaer, Saratoga, Schenectady, Schoharie, St. Lawrence, Sullivan, Ulster, Warren and Washington.
Leonard Skrill, Upstate Director of Development West
(518) 461-6591
leonard.skrill@nyshcr.org
Counties Served: Allegany, Broome, Cattaraugus, Cayuga, Chautauqua, Chemung, Chenango, Cortland, Delaware, Erie, Genesee, Livingston, Madison, Monroe, Niagara, Onondaga, Ontario, Orleans, Oswego, Schuyler, Seneca, Steuben, Tioga, Tompkins, Wayne, Wyoming and Yates.
Ross Karp, Downstate Development Director
(212) 872-0395
Counties Served: Bronx, Kings, New York, Nassau, Queens, Richmond, Rockland , Suffolk, Westchester.
Last updated: 08/08/2024