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.
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.
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.
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 minimum 30-year regulatory term for residential units; maximum 50 years.
- Per the Fall 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 (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 sheet, which is the same document for both the Multifamily Finance 9% LIHTC RFP and the Multifamily Finance 4% program, here.
Multifamily Finance 4% LIHTC/Bond 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