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.
Nonprofit or for-profit developers with experience developing, marketing, owning and managing housing for low income seniors.
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 $70,000 per residential unit for projects without Project Based Section 8, and $60,000 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.
Minimum 30-year regulatory agreement, maximum of 50 years.
- Per the Fall 2022 HCR Multifamily Finance 9% LIHTC RFP, the anticipated funding for this program is $12 million.
- New in 2022: The Senior Housing Program should be used for all projects where more than 10% of units are designated for the ESSHI Frail Elderly population. If 10% or fewer of the units are designated for ESSHI Frail Elderly, projects may use HCR’s Supportive Housing Opportunity Program, provided that it meets the minimum supportive housing requirement with other supportive populations.
- 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 and the Multifamily Finance 4% program, here.
Multifamily Finance 4% Contact
New York State Homes and Community Renewal
Multifamily Finance 9% LIHTC RFP Contacts:
Darren Scott, Upstate Director of Development East
Counties Served: Albany, Clinton, Columbia, Dutchess, Essex, Franklin, Fulton, Greene, Hamilton, Herkimer, Jefferson, Lewis, Montgomery, Orange, Oneida, Otsego, Putnam, Rensselaer, Rockland, Saratoga, Schenectady, Schoharie, St. Lawrence, Sullivan, Ulster, Warren, Washington, and Westchester
Leonard Skrill, Upstate Director of Development West and Downstate
Counties Served: Allegany, Bronx, Broome, Cattaraugus, Cayuga, Chautauqua, Chemung, Chenango, Cortland, Delaware, Erie, Genesee, Kings, Livingston, Madison, Monroe, Nassau, New York, Niagara, Onondaga, Ontario, Orleans, Oswego, Queens, Richmond, Schuyler, Seneca, Steuben, Suffolk, Tioga, Tompkins, Wayne, Wyoming and Yates.
Last updated: 11/03/2022