Multifamily Finance – Tax-Exempt Bond and Subsidy Financing Programs
Multifamily Finance – Tax-Exempt Bond and Subsidy Financing Programs supports housing owners with development and preservation financing to expand affordable rental housing across New York State.
Funder: Homes and Community Renewal
Due Dates: Before initial technical assistance and full application (Concept paper) | Throughout the year (Stand-alone 4% LIHTC, subject to agency limits)
Funding Amounts: Tax-exempt bonds generating 4% LIHTC, capital subsidies, and state tax credits; first mortgages generally have 30-year permanent terms
Summary: Financing supports the development, adaptive reuse, rehabilitation, and preservation of affordable multifamily rental housing across New York State.
Key Information: Borrowers must be single-asset, sole-purpose entities and accept long-term affordability restrictions.
Description
New York State Homes and Community Renewal (HCR), through the Housing Finance Agency (HFA), provides tax-exempt bond financing generating “as-of-right” 4% Federal Low-Income Housing Tax Credits (LIHTC). Capital subsidies and New York State Low-Income Housing Tax Credits (SLIHC) are also available with or without bond financing. The program serves private for-profit and not-for-profit housing owners developing affordable rental opportunities for low- to moderate-income individuals, families, and seniors.
Eligible work includes new construction, adaptive reuse of nonresidential buildings, and preservation of existing affordable housing in urban, suburban, and rural communities. Financing resources also address supportive housing, senior housing, public housing, Mitchell-Lama properties, and federally assisted housing preservation. Individual program term sheets govern category-specific eligibility and project requirements.
