Status: Available
Type
Capital
Source
State
Procurement Agency
NYS HCR
Summary
The Senior Housing Program provides capital funding for age-resticted housing for low-income seniors in NYS.
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.
If the project is not using Project Based Vouchers, there must be two other income tiers ranging from 40% AMI - 60% AMI, so that all LIHTC units income average to 50% AMI.
Eligible Applicants
- Nonprofit or for-profit developers with experience developing, marketing, owning and managing housing for low income seniors.
- Priority shall be given to not-for-profit applicants that have prior experience developing, marketing, owning and managing housing for low income seniors.
Amount
New York City and 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 $65,000 per residential unit for projects without Project Based Section 8, and $55,000 per residential unit for projects with Project Based Section 8; the total subsidy received from HCR should not exceed the total subsidy contributed by the City.
Rest of State: Up to $95,000 per housing unit with a household income limit of up to 60% AMI.
Term
Minimum 30 year regulatory agreement.
Network Notes
- Per the Fall 2020 HCR Multifamily Finance (9%) RFP, the anticipated funding for this program is $5 million.
- Projects utilizing ESSHI or targeting an MRT population should use HCR’s Supportive Housing Opportunity Program.
- 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).
- Up to $2.5 million may be awarded to projects in NYC. Up to $6.5 million may be awarded to projects in Westchester, Nassau & Suffolk counties.
- No more than 50% of total funding may be awarded to a single municipality.
For More Information
Read the Fall 2020 HCR Multifamily Finance RFP here.
Contact
Eastern New York Regional Office
Hampton Plaza, 38-40 State Street, 6th Floor
Albany, New York, 12207
Darren Scott, Upstate Development Director East: (518) 795-5016
Darren.scott@nyshcr.org
Western & Central New York Regional Office
535 Washington Avenue, Suite 105
Buffalo, New York 14203
Leonard Skrill, Upstate Development Director West and Downstate: (518) 461-6591
Leonard.skrill@nyshcr.org
Last updated: 11/20/2020