Multifamily Finance – Tax-Exempt Bond and Subsidy Financing Programs
Supports the creation and preservation of affordable multifamily rental housing in New York State through tax-exempt bonds, federal and state tax credits, and capital subsidies.
Funder: Homes and Community Renewal
Due Dates: Rolling (Pre-application concept papers required prior to full application submission)
Funding Amounts: No fixed maximum; bond financing typically covers up to 80% of project cost, with per-unit and per-project caps for subsidy programs (e.g., up to $140,000/unit in NYC for New Construction, up to $1M/project for SLIHC, see details below).
Summary: Supports development and preservation of affordable multifamily rental housing in New York State through tax-exempt bond financing, federal and state tax credits, and capital subsidies.
Key Information: Pre-application concept paper and consultation required before full application; see program page for current term sheets and requirements.
Description
The Multifamily Finance – Tax-Exempt Bond and Subsidy Financing Programs, administered by the New York State Housing Finance Agency (HFA) under Homes and Community Renewal (HCR), provide flexible financing options to support the creation and preservation of affordable multifamily rental housing throughout New York State. The programs leverage tax-exempt bond financing, which generates “as-of-right” 4% Federal Low Income Housing Tax Credits (LIHTC), and offer access to additional capital subsidies, including the State Low-Income Housing Tax Credit (SLIHC) and other state programs.
Eligible uses include new construction, adaptive reuse of non-residential buildings, and preservation or rehabilitation of existing affordable housing. The suite of programs supports a range of project types, including family, senior, supportive, and mixed-income housing, and aims to address diverse community needs in both urban and rural settings.
