The Senior Housing Financing Program
The Senior Housing Financing Program provides financing options for the new construction or acquisition/rehabilitation of Assisted Living, Senior Rental Housing or State Licensed Senior Housing with tax-exempt private activity bonds, tax-exempt 501(c)(3) bonds or taxable bonds with or without Low Income Housing Tax Credits. All of the bond financing categories may be combined with other federal, state, local and private subsidies obtained by the borrower. Gap financing may be available from HFA.
HFA defines Assisted Living as multifamily housing with the following supportive services: 1) A minimum of 30 minutes per day of assistance with Activities of Daily Living (ADL) including bathing, toileting, dressing, medication supervision, eating and ambulating. Medical care may not be included. 2) At a minimum, general weekly housekeeping and "flat" laundry service. 3) Assistance in arranging transportation. 3) Three meals a day in a congregate setting. 4) Case management, including personal care assessments and medical referrals. 5) 24-hour protective supervision. 6) Social and recreational activities.
Senior Rental Housing is defined by HFA as traditional multifamily rental housing for seniors with no supportive services provided.
State Licensed Senior Housing are multifamily housing for seniors with services limited to those required by licensing entities. This type of housing may include Adult Homes, Enriched Housing, and housing developed under the New York State Assisted Living Program.
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Funding Category: |
Construction and Permanent Mortgage Loan Financing for Assisted Living, Senior Rental Housing, State Licensed Senior Housing. |
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Target Population: |
A minimum of 80% of the units must be occupied by at least one person who is 55 years of age or older (based on federal fair housing guidelines). All HFA financed projects must provide housing affordable to low, moderate or middle income people. |
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Funding Available: |
Minimum loan amount of $1,000,000. Loans greater than $20,000,000 will be considered on a case-by- case basis. |
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Application Information: |
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Contact: |
For further information and an application package please contact: Gary J. Carriero, Assistant Vice President, Development, New York State Housing Finance Agency, 641 Lexington Avenue, New York, New York 10022; tel. (212) 688-4000, ext.387; fax (212) 872-0387; email: garyc@nyhomes.org |
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Links to More Info: |
HFA homepage HFA Multifamily Financing Programs |
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Administering Agency: |