SRDI Main

NYS HOME Local Program: Small Rental Development Initiative (SRDI)

NYS HOME Local Program: Small Rental Development Initiative (SRDI)
SHARE

Overview

NYS HOME Local Program Small Rental Development Initiative (SRDI) was developed in accordance with New York State’s 2016-2020 Consolidated Plan and its Annual Action Plans, the Housing Trust Fund Corporation (HTFC) through the Office of Community Renewal (OCR). This initiative invites eligible applicants to submit applications to receive HOME Investment Partnerships Program funding allocated to New York State by the Department of Housing and Urban Development (HUD).javascript:void('body')

The program funds a variety of residential housing activities across the State to expand the supply of decent, safe, and affordable housing for low and moderate income families, and seeks developer-owners of small rental projects to deliver energy efficient, rehabilitated existing or new construction rental housing. The Federal regulations set forth at 24 CFR Part 92 are the governing regulations of the NYS HOME Local Program.

The HTFC is making approximately $15 Million in HOME funds available for this initiative and will award funds for the acquisition and/or housing rehabilitation or new construction of small rental development projects throughout New York State.

Funds made available in this RFP represent de-obligated and/or uncommitted prior years HOME funds that need to be expended and are available to fund projects that are ready to execute contracts and begin development on or around August 2017.

This RFP offers the maximum HOME funds available to allow the Developer-owner to request funds sufficient to deliver an affordable rehabilitated or new construction small rental project that will be sustainable throughout the required Period of Affordability (POA), which is typically 15 to 20 years. The program describes the requirements to apply for SRDI funds and explains the process by which the HTFC and the OCR will evaluate applications. Developer-owners apply for SRDI funds using HCR’s Community Development On-Line System (CDOL), accessible through the website: http://www.nyshcr.org/Apps/CDOnline/.

SRDI offers a detailed SRDI Project Management Plan that all applicants, if awarded funds, must follow in the development and long term rental management of their projects.

Forms & Documents

COMING SOON

Eligible Projects

Funds may be used by a Developer-owner for the acquisition and/or rehabilitation or construction of affordable residential rental housing to serve low income families making less the 80% of Area Median Income (AMI).

HOME funds will be provided as deferred loans at zero percent interest, due on sale, and requires full repayment throughout the period of affordability (POA). The Developer-owner may request funds for construction or permanent financing. HTCF reserves the right to require amortization, principal only payments, or increased payments to reserves if cash flow from the operating budget is excessive.

The housing must be used for permanent or transitional low income rental housing as permitted by the HOME Final Rule.

The project may contain 2 to 25 units and consist of 1 or more buildings on a single site or multiple sites under common ownership, management and financing. Multi-phased rental development projects are also encouraged to apply. Permanent and transitional housing, including group homes and SRO’s are eligible.

The Developer-owner must be the sole and exclusive owner of the property during development and the required POA, typically 15 to 20 years. The project cannot be coowned with another entity. The Developer-owner must own or will own the project in fee simple absolute title or have a long term ground lease that is at a minimum, equal to the term of the POA. The Developer-owner must manage or hire a property manager to oversee the long term management responsibilities of the rental housing throughout the required POA. The Developer-owner must be in charge of all aspects of development process to include: identification, procurement and oversight of contractors, negotiation of land use/permit approvals, obtaining zoning approvals, securing non-HOME financing as applicable, selecting architects, engineers, housing rehabilitation specialists, general contractors, etc., and must oversee the progress of all work paid with HOME funds and determine the reasonableness of costs. Developer-owners must demonstrate current or future site control.

Applicants must submit as a part of the Application, current ownership documentation such as a deed or future ownership documentation such as an executed purchase option.

Application Materials

SRDI Application and Webinar

NYS HOME Local Small Rental Development Initiative (SRDI) Application exhibits and attachments must be submitted via the CDOL system by 3:00 p.m. (EST) Wednesday May 24th, 2017Applications and supplemental materials received after the stated deadline will be considered a late submission and will not be accepted or reviewed.
 

Funding Opportunity Information

Resources