Multifamily Finance – Tax-Exempt Bond and Subsidy Financing Programs
Multifamily Finance – Tax-Exempt Bond and Subsidy Financing Programs support New York housing developers in building and preserving affordable rental homes for low- to moderate-income residents, families and seniors.
Funder: Homes and Community Renewal
Due Dates: No application deadline listed
Funding Amounts: Bond financing, 4% federal tax credits and program-specific subsidies; published subsidy caps reach $200,000 per unit
Summary: Financing supports the development and preservation of affordable multifamily rental housing across New York State.
Key Information: Submit a pre-application concept paper to the applicable Development Director before completing the HFA applications.
Description
New York State Homes and Community Renewal (HCR) brings together tax-exempt bond, tax-credit and capital subsidy options for affordable rental housing. The New York State Housing Finance Agency (HFA) Affordable Rental Housing Program provides bond financing that generates federal 4% Low Income Housing Tax Credits. Additional capital subsidies and New York State Low-Income Housing Tax Credits can support projects with or without bond financing.
The programs cover new construction, adaptive reuse and preservation of existing multifamily housing, including public, supportive and senior housing. HFA’s financing guide aims to expand affordable rental opportunities for low- to moderate-income individuals, families and seniors in urban, suburban and rural communities. Eligibility and financing terms depend on the program selected.
