Funding Will Fulfill Year One Commitment of Five-Year, 6,000 Unit Supportive Housing Opportunity Plan
$2 Billion Approved in FY 2017 Budget for Governor Cuomo’s Affordable Housing and Homelessness Action Plans
New York State Homes and Community Renewal today announced that additional state financing to build 1,200 supportive housing units has been made available through a competitive Request for Proposals (RFP), as part of the Supportive Housing Opportunity Plan (SHOP). The new state financing, in addition to previously allocated funding from the budget, will ensure timely completion of the first 1,200 units of the state’s plan to combat homelessness by providing 6,000 new supportive housing units with services over the next five years. The FY 2017 Budget invests nearly $2 billion for comprehensive statewide housing and homelessness action plans.
The capital funding complements the recently released Request for Proposals to finance the operation of and services provided by the 1,200 new supportive housing units. Together, the capital, services and operating funds put the state on track to complete the construction of 6,000 units of supportive housing over the next five years, 20,000 units of supportive housing over the next fifteen years, and the creation or preservation of 100,000 units of affordable housing over the next five years as part of an unprecedented $20 billion housing and homeless initiative.
“Governor Cuomo promised strong, meaningful action to create new comprehensive, collaborative and innovative ways to address our affordable housing crisis and prevent homelessness across the state,” said NYS Homes and Community Renewal Commissioner James S. Rubin. “HCR has worked hard to create these programs and this plan to meet the Governor’s ambitious goals for affordable housing creation and preservation. Now the talk stops and the work begins: the programs are there, the money is there and over the next five years, starting right now, with this historic commitment, we will put the state’s affordable housing efforts into high gear.”
The RFP released today also includes funding for nine other HCR construction and preservation programs. Applications for funding for existing and new programs may be submitted any time before March 1, 2017, or until all allocations of resources are committed. Applications will be reviewed as received and funding determinations will be made throughout the year.
Programs included in the comprehensive HCR RFP are:
SUPPORTIVE HOUSING OPPORTUNITY PROGRAM (SHOP): SHOP provides financing assistance for site acquisition, hard costs and related soft costs associated with the new construction of or the adaptive reuse of a non-residential property to affordable supportive housing with on-site social services.
NEW CONSTRUCTION CAPITAL PROGRAM (NCP): NCP provides financing to stimulate the new construction of rental housing affordable to households that earn up to 60% of Area Median Income.
PUBLIC HOUSING PRESERVATION PROGRAM (PHP): PHP is a partnership among HCR, HUD, Federal Public Housing Authorities (PHAs) outside New York City, and private for profit and non-profit developers to address physical needs and assist PHAs to plan for the long term sustainability. This is the first public housing preservation capital program to work with HUD’s Rental Assistance Program (RAD1) for public housing properties.
MULTIFAMILY PRESERVATION PROGRAM (MPP): MPP provides financing assistance for site acquisition, hard and soft costs associated with the preservation and improvement of rental properties located throughout New York State.
HOMES FOR WORKING FAMILIES (HWF): HWF provides financing to stimulate the new construction and preservation of rental housing affordable to households that earn up to 60% of Area Median Income.
MIDDLE INCOME HOUSING PROGRAM (MIHP): MIHP will increase the total number of mixed and middle income units throughout the State by providing gap funding to developments that include units that will be occupied by households earning up to 130% of Area Median Income.
RURAL AND URBAN COMMUNITY INVESTMENT FUND (CIF): CIF supports retail, commercial or community facility components of mixed-use affordable housing developments in urban and rural communities statewide, as well as supporting preservation of existing affordable multi-family rental housing in rural areas of the State.
HOUSE NY MITCHELL-LAMA PROGRAM (HML): HML continues the effort under Governor Cuomo’s original $1 billion House NY plan to preserve as affordable the 44-property portfolio of Mitchell-Lama project loans acquired by HCR’s Housing Finance Agency in 2013.
MITCHELL-LAMA LOAN PROGRAM (MLLP): MLLP builds upon the original House NY Plan and bolsters HCR’s existing efforts to preserve the State's existing 74,000 units of Mitchell-Lama housing. MLLP will provide owners with financing incentives for capital repairs in order to preserve and extend the affordability for such properties. Properties with significant physical and/or financial needs in “high-need” or rapidly gentrifying areas will be prioritized.
STATE LOW INCOME HOUSING CREDIT PROGRAM (SLIHC): Producing and preserving workforce housing for New York State is central to supporting cities and towns across the State. SLIHC will increase the total number of mixed and middle-income units throughout the State. Resources will go to projects in areas that provide housing opportunity and revitalization, including an emphasis on historic preservation.
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