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NYS HCR Rural and Urban Community Investment Fund (CIF)

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Status: Available

Type

Capital

Source

State

Procurement Agency

NYS HCR

Summary

NYS HCR's Rural and Urban Community Investment Fund (CIF) is available through both the Multifamily Finance (9%) and Open Window (4%) programs. It can fund non-residential space and also residential space in rural regional economic development or downtown revitalization projects and also stand-alone capital only projects.

Residential:

New construction, adaptive reuse, or rehabilitation of multifamily rental affordable housing and mixed-use projects (both currently unregulated housing of 5 to 20 units and existing regulated housing)

Non-Residential:

New construction, adaptive reuse, or rehabilitation of a retail, commercial, or community facility component of an HCR-regulated affordable housing development

Tenant Eligibility Criteria

For both residential and non-residential uses, the project at least 70% of the units must have a household income limit up to 90% AMI

Eligible Applicants

Nonprofit and for-profit developers are eligible to apply for funding.

Amount

Per Project Maximum Award: $2 million. Up to $60,000 per housing unit for affordable housing preservation; up to $150,000 per affordable housing unit involving new construction or adaptive reuse.

Term

There is a minimum 10-year regulatory agreement for non-residential space and a 30-year regulatory term for residential units.

Network Notes

For More Information

Read the 2018 Multifamily Open Window RFP here

Read the 2019 HCR Multifamily Finance (9%) RFP here.

Contact

Open Window RFP Contact:

Leora Jontef
Vice President, Multifamily Finance - New Construction
New York State Homes and Community Renewal
(212) 872-0537
leora.jontef@nyshcr.org

Multifamily Finance (9%) RFP Contacts:

Eastern New York Regional Office
Hampton Plaza, 38-40 State Street, 6th Floor
Albany, New York, 12207
Darren Scott, Upstate Development Director East: (518) 485-7608

Darren.scott@nyshcr.org 

New York City and Long Island Regional Office
25 Beaver Street, 7th Floor
New York, NY 10004
(212) 480-4543 
Maria Kolaitis, Downstate Director of Development: (212) 872-0506

Maria.kolaitis@nyshcr.org

Western & Central New York Regional Office
535 Washington Avenue, Suite 105
Buffalo, New York 14203
Leonard Skrill, Upstate Development Director (West): (716) 847-3926

Leonard.skrill@nyshcr.org

Last updated: 10/15/2019

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