HCR Funding Expected to Leverage Hundreds of Millions in Public and Private Resources
Albany, NY – September 14, 2012 – (RealEstateRama) — Governor Andrew M. Cuomo today announced that $72 million is available through New York State Homes & Community Renewal (HCR) for shovel-ready projects to build affordable housing units across the state.
“As New York’s economy gets back on track, these funds will help launch shovel-ready projects across the state, creating jobs while building affordable housing for our residents,” Governor Cuomo said. “With a streamlined application process, New York State is removing the barriers that for too long held back economic development and made our government inefficient. These funds will leverage millions of dollars in private resources, creating valuable partnerships as we work to rebuild communities and create jobs in all corners of the state.”
HCR Commissioner/CEO Darryl C. Towns said, “Governor Andrew Cuomo has charged state agencies to bring state resources together with local and federal resources in the most productive way. For us, that means working with our partners to create and preserve affordable housing, thereby growing the economy and growing jobs. We will be looking for projects that will make a difference in local communities, and will leverage other resources, both public and private.”
The funds are available through HCR’s Unified Funding Application, a single-source process to apply for several funding streams for affordable, multifamily developments. The unified application streamlines the process, as part of the Governor’s efforts to break down the inefficient and duplicative silos that had previously governed state funding.
The $72 million is expected to leverage hundreds of millions of dollars in public and private resources. In 2011, HCR made 35 awards, totaling $78 million in low-interest loans and tax credits to build and preserve 2,200 units of affordable housing. The projects leveraged over $500 million in grants, loans and private resources.
In this round of funding, applicants will compete for: low-interest loans through the Low-Income Housing Trust Fund Program (HTF); Federal Low-Income Housing Tax Credits (LIHTC); the HOME Capital Program; and State Low-Income Housing Tax Credits (SLIHC). Specifically, applications will be accepted for:
HTF – $32 million
LIHTC – $25 million
$22,000/unit maximum
$1.43 million/project maximum ($1.65 million for projects in which 50% or more of the units built will serve large families or persons with special needs)
HOME Capital – $11 million (subject to availability of appropriations)
SLIHC – $4 million
$20,000/unit maximum
$750,000/project maximum
The application and reference materials are available on the HCR website. Posted deadlines for Early Round projects will be Thursday, October 25, 2012, with other project applications due November 29th 2012.
Additionally, the Governor announced that three Unified Funding Application workshops will be held by HCR staff statewide. The schedule is as follows:
Rochester
Wednesday, September 19, 2012 at 10:00 AM
Rochester City Council Chambers
City Hall – Room 302
30 Church St.
Rochester, NY
Albany
Thursday, September 20, 2012 at 10:00 AM
Hampton Plaza Ballroom
38-40 State Street
Albany, NY
New York City
Friday, September 21, 2012 at 10:30 AM
25 Beaver St., Room 510
New York, NY
For more information go to HCR’s Unified Funding Page at: http://www.nyshcr.org/Funding/UnifiedFundingMaterials/2012/
Contact:
Governor’s Press Office
NYC Press Office: 212.681.4640
Albany Press Office: 518.474.8418
press.office (at) exec.ny (dot) gov
