Homes for Working Families Program (HWF)
The Homes for Working Families (HWF), administered by the New York State Division of Housing and Community Renewal (DHCR), provides tax-exempt bond financing for substantial rehabilitation or new construction of affordable rental housing. This is the same initiative that was originally called the Tax Exempt Bond Credit Initiative in the initial funding round. Under HWF, Low Income Housing Trust Fund (HTF) or New York State HOME Program (HOME) financing assistance of up to $25,000 per unit ($35,000 in New York City) will be made available by the Housing Trust Fund Corporation (HTFC) to family or senior rental projects in which more than 50% of the project cost is financed by a public authority with tax-exempt bonds allocated from the State's Private Activity Bond Volume Cap. This enables the project to receive an allocation of 4% "as-of-right" Low-Income Housing Credit (LIHC). In addition, 100% of project units must meet LIHC rent restriction requirements. The HTFC loan is provided in the form of a 1% interest loan payable from available cash flow.
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Funding Category: |
Tax-exempt bond financing for rehabilitation or new construction of affordable rental housing. |
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Target Population: |
Low-income renter households |
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Funding Available: |
HTFC expects to make approximately $7.0 million available under the Homes for Working Families (HWF) Program to fund project applications submitted under UF 2002. Applications selected for funding are expected to be awarded $25,000 or less per HTFC assisted unit outside of New York City and $35,000 or less per assisted unit in New York City. |
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Application Information: |
DHCR Notice of Funding Availability, UF2002 Application Forms |
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Contact: |
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Links to More Info: |
DHCR - HWF Program Description |
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Administering Agency: |