Multifamily Finance – Tax-Exempt Bond and Subsidy Financing Programs
Homes and Community Renewal's Multifamily Finance – Tax-Exempt Bond and Subsidy Financing Programs fund research-driven, affordable multifamily housing creation and preservation throughout New York State.
Funder: Homes and Community Renewal
Due Dates: Rolling (submit pre-application concept paper at any time)
Funding Amounts: Award size varies by program and project type; typical per-unit subsidy up to $200,000 (NYC/Metro) or $150,000 (rest of state) for supportive housing; up to $140,000–$200,000 for new construction; minimum 30–40 year regulatory term.
Summary: Provides tax-exempt bond financing, federal and state tax credits, and capital subsidies for the creation and preservation of affordable multifamily rental housing in New York State.
Key Information: Pre-application concept paper required before full application; open to both for-profit and non-profit developers.
Description
The Multifamily Finance – Tax-Exempt Bond and Subsidy Financing Programs, administered by New York State Homes and Community Renewal (HCR), support the creation and preservation of affordable multifamily rental housing. Through the New York State Housing Finance Agency (HFA), these programs provide tax-exempt bond financing that generates 4% Federal Low Income Housing Tax Credits (LIHTC), as well as access to state low-income housing tax credits and a range of capital subsidy programs. The initiative is designed to facilitate new construction, adaptive reuse, and preservation projects that address diverse affordable housing needs, including supportive, senior, family, and workforce housing across urban, suburban, and rural communities in New York State.
