Multifamily Finance – Tax-Exempt Bond and Subsidy Financing Programs
Homes and Community Renewal’s Multifamily Finance program funds new, preserved, or rehabilitated affordable multifamily housing in NY State through tax-exempt bonds, tax credits, and capital subsidies.
Funder: Homes and Community Renewal
Due Dates: Rolling (Pre-application concept papers required before full application)
Funding Amounts: No set maximum; per-unit limits: up to $200,000/unit (supportive housing, NYC/LI) and up to $150,000/unit (rest of state); 30–50 year loan/regulatory terms; 4% LIHTC equity and additional subsidies available.
Summary: Supports new construction, preservation, and rehabilitation of affordable multifamily rental housing in New York State via tax-exempt bond financing, tax credits, and capital subsidies.
Key Information: Pre-application concept paper is required before submitting a full application.
Description
The Multifamily Finance – Tax-Exempt Bond and Subsidy Financing Programs, administered by New York State Homes and Community Renewal (HCR), provide flexible financing for the creation, preservation, and rehabilitation of affordable multifamily rental housing across New York State. Through the New York State Housing Finance Agency (HFA), the program offers tax-exempt bond financing that generates “as-of-right” 4% Federal Low Income Housing Tax Credits (LIHTC) and may be combined with a range of state capital subsidy programs, including the State Low-Income Housing Tax Credit (SLIHC). The program is designed to support a wide variety of project types—new construction, adaptive reuse, and preservation—serving low- and moderate-income households, seniors, and supportive housing populations.
