$187 Million Available for Qualified Projects
In early April 2016, the New York State budget passed with a $2 billion commitment for affordable housing that will be available once a Memorandum of Understanding (MOU) with the Governor and the Legislature is approved.
To get the ball rolling, last week, the State issued a Request for Proposals (RFP) making available $187 million in affordable housing financing for Highly Ready Project Initiatives and for a number of existing programs to assist developers seeking financing for projects in the categories outlined below.
The current RFP has two sections:
1. Highly Ready Project Initiatives
Funding for projects expected to close by July 2016- $70 million available
- New Construction Capital Program (“NCP”) for households earning less than 60% AMI
- Supportive Housing Opportunity Program (“SHOP”) for households earning less than 60% AMI
- Public Housing Preservation Program (“PHP”), Multifamily Preservation Program (“MPP”), and
- Middle Income Housing Program (“MIHP”) for households between 90 and 130% AMI.
2. Open Window Application process for FY2016-17
Provides additional funding for existing programs:
- Homes for Working Families (HWF)- $26,750,000
- State Low Income Housing Credit (SLIHC)- $4,000,000
- Rural and Urban Community Investment Fund (CIF) – $31,200,000
- House NY Mitchell-Lama Loan Program (HML) – $42,000,000.
Applications for the second group of programs will be accepted on a rolling basis through March 1, 2017, and will be evaluated monthly.
HCR will also be making available a limited number of Project Based Vouchers (PBV) (applications due September 30, 2016) and HOME assistance, for proposed projects.
To view the RFP visit NYSHCR Multifamily Open Window Request for Proposals.
What Does This Mean?
Both this current funding round and the larger allocation ($2 billion) are critical financing sources that can be used by developers who face the challenges of incorporating affordable housing units into their projects that may be subject to Mandatory Inclusionary Zoning (MIH) or who are seeking to build mixed-income and a wide range of other affordable housing projects.
Capalino+Company Can Help
Capalino+Company’s Affordable Housing team, led by Claire Altman and Richard Barth, have in-depth knowledge on these initiatives. Our team assists both for-profit and not-for-profit developers in identifying and evaluating new sources of financing, crafting new projects around these financing sources, and working with both New York State and New York City in packaging financing for affordable housing projects.
Contact us for help determining the potential applicability to your project and how the project can be shaped to maximize funding potential. We also provide assistance with the formal application process.
Claire Haaga Altman
Executive Vice President of Affordable Housing + Community Development
Executive Vice President of Housing + Real Estate Strategies
Executive Vice President of Land Use + Real Estate Strategies
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