HCR MULTIFAMILY Request For Proposals (RFP) REVISED JUNE 23rd
Click here to download the RFP.
HCR amended the Multifamily Open Window RFP announced on April 13th to include funding for 1,200 supportive housing units. This new announcement adds the $150 million for supportive housing, from the $2 billion that the Governor promised, released recently pursuant to a limited MOU. Please read the RFP before you decide not to pursue this.
Applications are due by March 1, 2017 for the following program funds:
- Supportive Housing Opportunity Program: Up to $150,000,000
- State Low Income Housing Credit: Up to $4,000,000
- Low Income Housing Trust Fund Initiatives: Up to $51,990,00
- New Construction Capital Program
- Public Housing Preservation Program
- Multifamily Preservation Program
- Middle Income Housing Program: Up to $15,000,000
- Rural and Urban Community Investment Fund: Up to $31,200,000
- Homes for Working Families: Up to $26,750,000
- House NY Mitchell-Lama Program: Up to $42,000,000
- Mitchell-Lama Loan Program: Up to $13,250,000
The following is a GUIDANCE EXCERPT from a much longer section:
Applicants are strongly encouraged to contact the agency to discuss potential projects that may apply for funding under this RFP.
Pre-application technical assistance will help provide guidance on the most competitive mix of sources for a project and how to best position a project for successful financing with HCR. Projects may apply for multiple sources. However, the guidance below should be considered in determining which mix of sources a project should seek:
- Projects should apply for only the total amount of resources necessary for the financial feasibility of the project.
- Applicants are strongly encouraged to secure resources from other agencies, private and other government sources. Applications with these leverage resources will be rated more highly and be more competitive. All applicants must provide evidence that other resources available to the project have been pursued.
- HCR reserves the right to reject projects that have per unit development costs that exceed reasonable costs for the development of units according to the experience of the agency in financing projects in the applicable region.
- This is an open window funding opportunity that provides the ability for submission of applications as projects become ready for financing. Applications will not be graded until, upon the discretion of the agency, all materials necessary to fully evaluate the project are received and the project demonstrates readiness.
- The range of resources available is meant to accommodate a wide variety of project types tailored to the specific housing priorities and market conditions of their location. For example: o Integrated supportive housing projects should utilize the Supportive Housing Opportunity Program for funding necessary to develop the supportive housing units in the project as well as the funding necessary to develop all other units in the project affordable to households earning less than 60% of AMI. o Mixed income projects should look to the New Construction Program to fund the affordable units under 60% AMI, State Low Income Housing Credits to fund units between 60% and 90% of AMI, and the Middle Income Housing Program to finance units between 90% and 130% AMI. o Mixed use projects may access the Community Investment Fund to help fund the commercial and community services spaces in addition to applying for the housing resources as applicable to the units in the project.
- Applications that request funding from multiple HCR sources may only request the per project or per-unit maximum under one program. Additional subsidy from other programs may be considered based upon the nature of the project and underwriting. In general, units that qualify for subsidy under one program may not also be used to qualify for additional programs (e.g. supportive units should be funded from resources available under the Supportive Housing Opportunity Program only and not also seek other capital sources available in this RFP).