New York State Homes and Community Renewal provides financing opportunities for the new construction, preservation, adaptive reuse, and rehabilitation of quality affordable multifamily rental housing throughout the state. Financing resources include agency-issued tax-exempt, taxable, and 501(c)(3) bonds, Low Income Housing Tax Credits, and subsidy loans.
HCR’s deployment of resources is guided by the State’s Housing Priorities:
- Community Renewal and Revitalization:
Mixed use and/or mixed-income projects that are part of a coordinated community redevelopment plan.
- Integrated Supportive Housing:
Provide permanent supportive housing to a variety of special needs populations.
- Public Housing Preservation:
Projects that address the needs of public housing units outside the City of New York and assist Public Housing Authorities in completing their restructuring plans.
- Housing Opportunity:
Projects that propose workforce housing in areas experiencing economic growth and served by high performing school districts.
- Workforce Opportunity:
Projects near Metropolitan Transit Authority rail or subway stations, in communities with Transit-Oriented Development plans, or near multi-modal transportation centers.
- Mitchell-Lama Portfolio:
Projects that continue the redevelopment or preservation of Mitchell-Lama Housing units.
- Rural Preservation:
Rehabilitation of projects in rural communities, including projects participating in USDA Rural Development programs or RARP.
- Economic Development:
Projects specifically endorsed in the Regional Economic Council Strategic Plans.
- Downtown Revitalization Initiative:
Projects that complement Downtown Revitalization Initiatives and advance DRI-approved investment plans.
Multifamily Development Programs
New Construction, Preservation, Rehabilitation, and Adaptive Reuse of Affordable Rental Housing
HCR provides financing for the new construction, preservation, rehabilitation, and adaptive reuse of rental housing affordable to households from 30% to 130% of Area Median Income that advance one or more of the State's specific Housing Priorities.
HCR offers resources to support the inclusion of retail, commercial and community facility components in its affordable housing developments. The Rural and Urban Community Investment Fund Program supports non-residential components of mixed-use affordable housing developments in urban and rural communities statewide that clearly serve the needs of affordable housing residents.
HCR finances the development of new multifamily rental housing so that New York State’s low-income seniors may age in place and live independently in their own homes and communities. Senior housing is financed through a variety of HCR resources including HCR’s Senior Housing Program, which leverages community resources to include healthy programming for those aged 62 and over.
HCR works to combat homelessness by financing new affordable homes with support services so that the most vulnerable New Yorkers can live independently and affordably in their communities. HCR provides financing for the new construction or adaptive reuse of a non-residential property to affordable supportive housing with on-site social services. HCR supports development of permanent supportive housing for a variety of special needs populations, including, the homeless, veterans, victims of domestic violence, the disabled, and others. Service and operating awards are required for access to HCR’s Supportive Housing Program.
HCR finances the redevelopment or preservation of Mitchell-Lama Housing units statewide supervised by either New York City or New York State. As part of the State’s commitment to increase and preserve the number of affordable housing opportunities for its residents, HCR makes capital available for the preservation and improvement of these properties.
HCR’s Public Housing Preservation Program is a partnership among HCR, HUD, Federal Public Housing Authorities (PHAs) outside of New York City, and private for-profit and not-for-profit developers to ensure the long-term affordability and sustainability of existing public housing units. Financing under this program is prioritized for properties approved for participation in HUD’s Rental Assistance Program (RAD1), but projects not utilizing RAD1 may also be eligible.
HCR provides gap project financing for the preservation and improvement of rental properties in buildings of up to 40 units located outside of New York City, through both the Small Building Participation Loan Program and Rural and Urban Community Investment Fund.
Availability of Financing Resources
Tax-Exempt Bond and Subsidy Applications:
Applications are accepted on a continuous basis for tax-exempt bonds and as of right 4% LIHTC in addition to a wide variety of subordinate financing resources and SLIHC.
Unified Funding Applications:
Applications are accepted annually based on a highly competitive, single-source request for proposals process to access 9% LIHTC and a wide variety of subordinate financing resources and SLIHC.
Low Income Housing Tax Credit (LIHC) and State Low Income Housing Tax Credit Programs (SLIHC)
Requirements and Standards
Minority & Women-Owned Business Enterprise (MWBE)
Service-Disable Veteran-Owned Business Enterprise (SDVOB)
Preference in awards will be given to applications which include NYS-certified MWBEs as part of the development team and SDVOB utilization on the proposed project.
Fair Housing Marketing Plan
Applicants marketing multifamily developments must create an Affirmative Fair Housing Marketing Plan (AFHMP) and carry out an affirmative program to attract prospective tenants not likely to apply for the housing without special outreach efforts.
Lead Information and Resources
In an effort to assist New York State in reaching the Governor’s Clean Energy Standard goal to reduce carbon emissions forty percent by 2030, HCR requires multifamily projects receiving financing to adhere to national or state energy efficiency standards, depending on the type of project and the sources of financing.