New York State is committing roughly $270 million in tax credits and subsidies to drive affordable housing development. Gov. Kathy Hochul recently announced the latest Request for Proposal (RFP) for the annual Multifamily Finance 9% Low-Income Housing Tax Credit (LIHTC) awards – a core component of the state’s $25 billion five-year Housing Plan. Proposals are due by Sept. 10.
New York State Homes and Community Renewal (HCR) will administer awards through several loan and tax credit program areas:
- Supportive Housing Opportunity Program (SHOP) – $65 million.
- 9% Federal Low-Income Housing Tax Credits (FLIHTC) – $58 million.
- Low-Income Housing Trust Fund Program (HTF) – $43 million.
- New Construction Program (NCP) – $26 million.
- Senior Housing Program (SENR) – $22 million.
- Rural and Urban Community Investment Fund (CIF) – $10 million.
- Public Housing Preservation Program (PHP) – $10 million.
- Middle Income Housing Program (MIHP) – $10 million.
- New York State Low-Income Housing Tax Credits (SLIHTC) – $10 million.
- HOME Program (HOME) – $9 million.
- Clean Energy Initiative Program (CEI) – $5 million.
- LGBTQ+ Affirming SENR – $4 million.
- Multifamily Solar Fund (MSF) – $1 million.
The collection of programs funds proposals centered around creating and preserving high-quality affordable housing throughout New York. Eligible work will include new construction, rehabilitation and/or adaptive reuse for projects that result in multifamily rental housing and standalone non-residential buildings.
Applicants must have attended a Technical Assistance session for proposed projects within 12 months of submitting their application. All awarded applicants are expected to complete construction work by the end of 2027.
Eligibility varies depending on each distinct loan and tax credit program. Generally accepted applicants may include but are not limited to:
- Not-for-profit developers.
- Charitable organizations.
- For-profit developers.
- Individuals.
- Corporations.
- Limited partnerships.
- Limited liability corporations.
- Municipalities.
- Counties.
- Municipal housing authorities.
- Minority and/or Women-Owned Enterprises (MWBE).
- Service-Disabled Veteran-Owned Businesses (SDVOB).
State officials anticipate that the LIHTC awards will pave the way to build around 1,800 apartments and other residential facilities. These efforts will play a significant role in achieving the state’s Housing Plan goal of building and preserving 100,000 affordable homes.
Photo by Yura Forrat from Pexels
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