The All Affordable Program
The All Affordable Program is designed to encourage the production of newly constructed or rehabilitated multifamily rental housing in which all of the units are affordable to families earning no more than 60% of the Area Median Income (AMI), adjusted for household size. Many projects also include units at lower income levels (i.e., 50% of AMI). The pool of potential subsidy is generally larger for projects with units affordable to families earning 50% of the AMI. The All Affordable Program utilizes tax-exempt private activity bonds, and subordinate financing in order to maximize the amount of "as of right" Low Income Housing Tax Credits that can be allocated to the project. The tax credit allocation is maximized when fifty percent (50%) or more of eligible project costs are financed with the proceeds of tax-exempt private activity bonds. Gap, or subordinate, financing is often required to reduce the loan at the end of construction since this type of affordable housing is typically unable to support debt service on a loan amount equal to at least 50% of the eligible project costs.
Under the All Affordable Program, projects obtain the gap financing from a variety of sources, including, but not limited to: HFA’s Empire Housing Fund Program, the New York State Division of Housing and Community Renewal’s ("DHCR") Homes for Working Families Initiative ("HWF"), and federal HOME and CDBG monies. The gap financing is often used in conjunction with "as of right" tax credit proceeds to redeem a portion of the tax-exempt bonds after a project has been placed in service.
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Funding Category: |
Financing program designed to encourage the production of newly constructed or rehabilitated multifamily units affordable to families earning less than 60% of the AMI. |
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Target Population: |
Families earning less than 60% of the Area Median Income (AMI). |
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Funding Available: |
Loans for permanent financing funded with the proceeds of bonds issued by HFA may not be less than $1,000,000 or greater than $10,000,000. |
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Application Information: |
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Contact: |
For further information and an application package please contact: Ronald W. Schulman, Vice President, Director of Development, New York State Housing Finance Agency, 641 Lexington Avenue |
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Links to More Info: |
HFA homepage |
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Administering Agency: |