Upcoming Deadlines for HCR's 2025 9% LIHTC RFP and Housing Acceleration Fund NOFA

(Sept. 2, 2025) Members are reminded that NYS Homes and Community Renewal (HCR) announced the availability of funding under the Low-Income Housing Trust Fund Program (HTF); the Rural and Urban Community Investment Fund Program (CIF); the Supportive Housing Opportunity Program (SHOP); the Public Housing Preservation Program (PHP); the Middle Income Housing Program (MIHP); the Senior Housing Program (SENR); the HOME American Rescue Plan (ARP) Program (HOME); the New Construction Program (NCP); the Lesbian, Gay, Bisexual, Transgender, Queer, and More (LGBTQ+) Affirming Senior Housing Program (SENR); the Clean Energy Initiative Program (CEI); and the Solar for All Program (SFA). HCR has also announced the availability of tax credits under the federal Low-Income Housing Tax Credit Program (LIHTC) and the NYS Low-Income Housing Tax Credit Program (SLIHC).

The 2025 HCR Multifamily Finance 9% Request for Proposals (RFP) for site-specific multifamily and stand-alone non-residential project applications seeking funding under these programs was made available on July 17, 2025. The RFP and application materials, including application submission instructions, can be found on the HCR website. HCR has posted a presentation regarding the LIHTC, which can be found here.

Subject to availability of appropriations, 2025 funding amounts include approximately up to:

$43 million in HTF funds;
$10 million in CIF funds;
$65 million in SHOP funds;
$10 million in PHP funds;
$10 million in MIHP funds;
$22 million in SENR funds;
$10 million in HOME ARP funds;
$26 million in NCP funds;
$4 million in LGBTQ+ Affirming Senior Housing Program funds;
$10 million in CEI funds;
$3 million in SFA funds;
$50 million for LIHTC reservations; and
$10 million for SLIHC reservations.

A PowerPoint presentation of project application requirements, process, and additional guidance was posted to the HCR website on approximately Aug. 7, 2025.

Applications for 2025 projects must be completed and submitted by 11:59 p.m. ET on Sept. 11, 2025.

$100 Million Available Under New Housing Acceleration Fund

Additionally, as recently announced by HCR, Governor Hochul announced a new Housing Acceleration Fund (HAF) as part of the 2025-26 State Budget that is the first-of-its-kind addition to HCR’s housing toolkit and is specifically designed to stimulate new construction of mixed-income residential developments that are permit-ready but struggling with debt and equity financing.

Under the program, HCR will partner with financial institutions, including banks and Community Development Financial Institutions, to provide low-cost construction loans. The HAF will be a revolving fund to accelerate the production of new rental housing without utilizing limited resources that are dedicated to the creation of 100% affordable housing such as tax-exempt bonds and LIHTCs.

This program complements other HCR programs to enhance housing production and is a model that is being used successfully in other states such as Massachusetts, Rhode Island, and Michigan.

The application deadline is 5 p.m. ET on Sept. 18, 2025. More information and the Notice of Funding Availability (NOFA) can be found here.

Contact: Jeff Diamond, jdiamond@leadingageny.org