The Hotel and Commercial Conversions Program will provide low-cost second mortgage financing for the acquisition and creation of permanent affordable and supportive rental housing in New York City. This program funding is intended to be combined with conventional financing for acquisition, construction and permanent financing.
Priority is given to projects in accordance with the information set forth herein. Actual award amounts must be recommended by HCR staff, approved by HFA and/or HTFC Credit Committee, and HFA and/or HTFC Board, as applicable. Applicants are strongly encouraged to apply for only the funding necessary for the financial feasibility of the project and to leverage funding from non-HCR sources. HCR reserves the right to allocate funding to ensure that a broad range of housing needs are met.