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Housing Capital Resources Available Through HCR

New York State Homes and Community Renewal has announced its “open window” funding availability for capital projects funded primarily by HFA tax-exempt bonds. Applications for these resources will be accepted by HCR on a rolling basis, until March 1, 2017.

Approximately $70M is available for five programs: New Construction Capital Program (NCP); Supportive Housing Opportunity Program (SHOP); Public Housing Preservation Program (PHP); Multi-Family Preservation Program (MPP); and Middle Income Housing Program.

Funds are also available for other programs at their traditional annual funding levels, including: Homes for Working Families ($26.75M); State Low Income Housing Credit ($4M); Rural and Urban Community Investment Fund ($31.2M); House NY Mitchell-Lama Program ($42M) and Mitchell-Lama Loan Program ($13.25M).

Nearly $2B of new capital resources for affordable housing development has been approved as part of the adopted 2016-2017 state budget, but the funds cannot be used until a spending plan is reached between the administration and both houses of the legislature. When a Memorandum of Understanding (MOU) is signed between the three parties, it is expected that the programs listed above will be increased substantially.

Contact: John Broderick, jbroderick@leadingageny.org, 518-867-8835