Menu

NYS HCR Rural and Urban Community Investment Fund (CIF)

« Back

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

See the Winter 2022 HCR term sheet here.

Contact

Multifamily Finance 9% RFP Contact:

Darren Scott, Upstate Director of Development East
(518) 795-5016
darren.scott@nyshcr.org

Leonard Skrill, Upstate Director of Development West
(518) 461-6591
leonard.skrill@nyshcr.org

Ayanna Wayner, Downstate Director of Development
(212) 872-0506
ayanna.wayner@nyshcr.org

Last updated: 02/27/2022

« Back