Under the Senior Housing Initiative (SHI), financing of up to $25,000 per HDF-assisted unit ($35,000 in New York City) will be made available by the New York State Division of Housing and Community Renewal (DHCR) to senior projects in which a substantial portion of project financing comes from Section 501(c)(3) bonds (known as civic facility bonds) issued by a public authority. Occupancy is limited to households in which at least one member is headed by a person 55 years of age or older. Projects may include HDF-assisted units, which must be affordable to households with incomes at 90% (80% in New York City) or less of the Area Median Income (AMI), and unregulated units at market rents. A minimum of 20% of the units assisted by DHCR must be affordable to households with incomes at 50% or less of the AMI. The HDF assistance is in the form of a no (0%) interest loan with up to a 15 year amortization schedule.

Funding Category:	Tax-exempt bond financing for substantial rehabilitation or new construction of rental housing.
Target Population:	Occupancy is limited to seniors, defined as households in which at least one member is a person 55 years of age or older.
Funding Available:	$25,000 per HDF-assisted unit upstate; $35,000 per unit in New York City. No separate funding allocation; incorporated under HTF.
Application Information:	UF2002 Project Application
Contact:	DHCR Regional Office
Links to More Info:	DHCR - SHI Program Description DHCR Notice of Funding Availability
Administering Agency:	DHCR