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.
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)
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.
Nonprofit and for-profit developers are eligible to apply for funding.
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.
There is a minimum 10-year regulatory agreement for non-residential space and a 30-year regulatory term for residential units.
Per the Winter 2022 HCR Multifamily Finance (9%) RFP, the anticipated funding for this program is $4 million.
CIF is a combination and expansion of two former programs: Urban Initiatives and Rural Area Revitalization Projects (RARP).
60% of the funding is intended for urban areas and 40% for rural areas. Urban areas are defined as having a population of 25,000 or more.
CIF funds hard and related soft costs of retail, commercial, or community facility components associated with mixed-use affordable housing developments in urban and rural communities.
Applicants are required to provide a 1/3 match of the requested CIF funding amount.
For More Information
See the Winter 2022 HCR term sheet here.
Multifamily Finance 9% RFP Contact:
Darren Scott, Upstate Director of Development East
Leonard Skrill, Upstate Director of Development West
Ayanna Wayner, Downstate Director of Development
Last updated: 02/27/2022