Status: Available
Type
Capital
Source
State
Procurement Agency
NYS HCR
Summary
NYS HCR's Rural and Urban Community Investment Fund (CIF) funds supports the creation, preservation, and improvement of affordable housing and the commercial, retail, and community facilities that serve the needs of affordable housing residents. CIF is available through both the Multifamily Finance 9% LIHTC RFP and the Multifamily Finance 4% program.
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). Only available when not used with 4% or 9% Low Income Housing Tax Credits.
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, 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 minimum 30-year regulatory term for residential units or coterminous with other HCR regulatory agreement.
Network Notes
- Per the Fall 2023 HCR Multifamily Finance 9% RFP, the anticipated funding for this program is $10 million.
- Childcare centers, healthcare facilities, grocery stores or supermarkets, youth services, job training organizations and/or other community facilities are a priority in 2023.
- CIF is a combination and expansion of two former programs: Urban Initiatives (UI) and Rural Area Revitalization Projects (RARP).
- CIF can be used to build in office and service delivery space for the supportive housing agency in a supportive housing project.
- 60% of the CIF funding to urban areas and 40% to rural areas of the State. Rural areas are cities, towns and villages having a population of less than 25,000 people.
For More Information
See the CIF term sheets, the Multifamily Finance 9% LIHTC RFP here and the
Multifamily Finance 4% program, here.
Contact
Multifamily Finance 4% LIHTC/Bond 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: 10/03/2023