Multifamily Finance 4% Program Materials

Multifamily Finance 4% Program Materials

Tax-Exempt Bond and Subsidy Financing Information for HFA Affordable Rental Housing

The New York State Housing Finance Agency (HFA) Affordable Rental Housing Program provides tax-exempt bond financing that generates 4% Federal Low Income Housing Tax Credits (“LIHTC”) for multifamily rental housing projects developed by private for-profit and not-for-profit owners. Bond-financed projects can be combined with subsidy programs as well as New York State Low-Income Housing Tax Credits ("SLIHC"). Additional capital subsidies are available to facilitate the development and preservation of affordable housing. 

Term Sheets


    Fall 2023 – HFA Term Sheet and Financing Guide

    This guide will outline the terms of the program to promote affordable rental housing opportunities for low- to moderate- income individuals, families and seniors through flexible financing that supports a wide range of housing types, including new construction, adaptive reuse of non-residential buildings, and preservation of existing housing units.



Low Income Housing Tax Credit

Click below to learn more about Federal Low Income Housing Tax Credit.

Low Income Housing Tax Credit



Projects requesting bond and/or subsidy financing should complete the HFA financing and underwriting applications.

Clean Energy Initiative Materials

Sustainability Clean Energy Initiative page

*Adaptive Reuse projects with SHPO designation can apply to receive CEI funding under the CEI Substantial Rehabilitation term sheet.

Funding Announcements and Regulations