On July 1st, the New York State Homes and Community Renewal (HCR) released a Request for Proposals (RFP) that consolidates the availability of funding for the HCR Multifamily Programs. These programs support affordable rental housing for low-to-moderate income individuals and families as part of Governor Cuomo’s five-year plan to combat homelessness and advance the construction and preservation of affordable housing in New York State. Awards include 9% Low-Income Housing Tax Credits (LIHTCs) and subsidy financing to sponsors proposing affordable and supportive multifamily housing projects. Projects may include new construction, rehabilitation, and/or adaptive reuse of site-specific projects that provide multifamily rental housing. Funding is not available for projects proposing to use tax-exempt bond financing.
SPG’s summary of the RFP is attached. The full RFP is available here. Term sheets for each program are available here.
Applications are due on August 26th. All applicants are required to request and participate in a TA session prior to application submission. The deadline to request a TA session is July 29th.