HCR is continuing to update and improve its process for allocating resources to finance multi-family affordable housing. In 2019, we offered a new Request for Proposals for 9 percent Low Income Housing Tax Credits (LIHTC) and other Housing Trust Fund Corporation (HTFC) multi-family programs that will take place twice per year. Beginning in 2020, we will now also offer a Request for Proposals specifically for Section 8 Project Based Vouchers (PBVs). The PBV RFP will also take place twice per year, corresponding closely with the timing for the 9% LIHTC RFP. PBVs will be made available for new as well as existing projects with HCR financing. The PBV RFP will now be the only avenue for developers to pursue PBVs for their project through HCR; PBVs will no longer be made available through the 9% LIHTC or 4% LIHTC/’open window’ RFPs. Developers are still strongly encouraged to also seek PBVs through a local Public Housing Authority where possible. Technical assistance for projects seeking multiple financing sources including Section 8 will now include HCR staff from both the Finance & Development Office and the Section 8 team. For more information, please contact Courtenay Loiselle at (212) 480-2723 or at [email protected]. It is anticipated that the PBV RFP for this spring will also include an allocation of new rental assistance through the State’s Rural Rental Assistance Program (RRAP).
Please note that the this spring’s RFP for Section 8 PBVs will make vouchers available in all counties in New York State, including counties that were previously unserved.