1 HOME $11,000,000 Low-Income Housing Credit (LIHC) $25,000,000 - PowerPoint PPT Presentation

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HOME $11,000,000 Low-Income Housing Credit (LIHC) $25,000,000 NYS Low-Income Housing Tax Credit (SLIHC) $4,000,000* Housing Trust Fund (HTF) $32,000,000* Urban Initiative (UI) $400,000 Rural Area Revitalization Initiative (RARP) $1,100,000 Infrastructure Dev. Demonstration Program (IDDP) $250,000 Section 8 Project Based Vouchers (PBV) 100 vouchers *Subject to available appropriations/legislative approval www.nyshcr.org 2

 August ust 8, 2012: 2: Notice of Funding Availability (NOFA)  Se Sept ptember ember 5, 2012: Notice of Credit Availability (NOCA)  Se Sept ptember ember 2012: 2: Application Workshops 9/19-ROC 9/20-ALB 9/21-NYC  Prior ior to Oc October ber 25, 2012 2 (Earl arly y Awar ard) d) & & November ember 29, 2012 12 (Regu gular lar Round): nd): Technical Assistance available  Octobe ober r 25, 2012: 2: Early Application Due  Ja January uary 8, 2013: 3: Regular Application Due  Dece cemb mber er 2012: 2: Early Awards Anticipated  Ma March ch 2013: 3: Regular Awards Anticipated www.nyshcr.org 3

 Submit a complete application by 5 pm, October 25, 2012  Demonstrate that the project will be able to proceed to construction within 120 days of award and …past performance  The application will cle learl rly advance one of the following State housing goals  Pre-Application Meeting Required www.nyshcr.org 4

Early Awards – Revitalization & Economic Development Goals Priority Projects Identified in Regional Economic Development Plans – Project specifically endorsed in Regional Economic Development Council Strategic Plans and awarded funds. Fort Drum Impact Area Projects – Family projects that serve the Fort Drum Impact Area. Demonstrate readiness to complete construction and rent-up by the summer (June 21 st ) of 2014. Flood Relief Projects – Demonstrate that there was significant loss of housing within a one mile of project AND contribute to the revitalization of the impacted community. Demonstrate readiness to complete construction and rent-up by the summer (June 21 st ) of 2014. Letter of support required. www.nyshcr.org 5

Early Awards – Revitalization & Economic Development Goals Mixed-Income/Mixed-Use Upstate Revitalization Projects – Mixed-use and mixed-income housing that will contribute to the revitalization of a downtown area or mixed use neighborhood. Projects must be part of a targeted local community development plan and must have clear local support and resources. UI/RARP priority. Mixed-Income Cross-Subsidized Projects - Propose affordable units that are part of a larger market-rate development in areas experiencing considerable housing revitalization and reinvestment. Affordable units cannot exceed 30% of overall units and must be subsidized through a significant contribution from the market-rate units. Maximum rents in low-income units must be significantly more affordable than the development’s comparable market-rate units. www.nyshcr.org 6

Early Awards – Revitalization & Economic Development Goals Lead Abatement Projects – Projects which propose the rehabilitation and lead abatement of existing rental housing in zip codes identified by the NYS Dept. of Health as having significant concentrations of children with elevated blood lead levels. At least 50% of project units must involve the rehab and lead abatement of existing rental units. www.nyshcr.org 7

Early Awards – Supportive Housing Goals Supportive Housing Projects for Veterans with Special Needs - Supportive Housing Projects, as defined in Section 2040.2(v) of the DHCR QAP, which evidence a coordinated State investment. Must clearly document a firm commitment of service, operating, and development financing from State funding partners. Services plan must specifically address the unique needs of veterans. NYS OPWDD Leveraged Supportive Housing Projects – Preference in tenant selection for persons with development disabilities for up to 20 percent of a project’s total units. Must have firm commitments from the New York State OPWDD for operating, supports, services, and development financing for special needs units. www.nyshcr.org 8

Early Awards – Workforce Opportunity Goals Housing Opportunity Projects – Family projects in areas experiencing economic growth served by high performing school districts. Projects must be located in areas that have stable or growing tax bases and must also be in close proximity to public transportation, child care, and employment opportunities. Projects must be located in areas that have low rental vacancy rates and a high percentage of renters paying 30% or more of their household income on housing. Transit Oriented Development (TOD) – Family projects in close proximity to Metropolitan Transit Authority (MTA) rail stations outside NYC, or which are in communities that have completed and are implementing TOD plans that will clearly link the proposed project to expanded transportation choices for tenants. www.nyshcr.org 9

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Awardee: Riverside Special Needs Apartments L.P. Location: Buffalo, NY Number of units: 60 Population served: Very-low income households; and individuals with severe persistent mental illness

 Adaptive Reuse of a School  Service Funding: NYS OMH  Operating Subsidy: NYS OMH (45 units)  Capital: NYS HCR LIHC: $7.7 million NYS HCR HTF: $2.4 million Historic Tax Credit: $3.7 million CPC loan: $3.3 million City of Buffalo: $ 1 million www.nyshcr.org 12

Awardee: Concern for Independent Living Location: Crown Heights, Brooklyn, NY Number of supportive units: 65 Population served: Chronically homeless persons with severe and persistent mental illness

Service Funding: NYS OMH - NY/NYIII Operating Subsidy: NYS OMH - NY/NYIII Capital: NYS OMH $12.7 million NYS HCR $10.4 million

Awardee: Casenovia Recovery Systems Location: Town of Canandaigua, Ontario County Number of supportive units: 22 (33 units total) Population served: Veterans in long-term recovery from substance abuse

Land: US Veterans Administration Service Funding: NYS OASAS Licensed Local Service Provider Operating Subsidy: NYS OTDA Congregate Care Capital: NYS HCR $6.1 million NYS HHAC $2.3 million NYS OASAS $500,000

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Awardee: Episcopal Senior Life Communities Location: Town of Henrietta, NY Number of units: 40 Population served: Very-low and low income income seniors households; and frail elderly

Senior housing located adjacent to an existing assisted living project Capital: NYS HCR LIHC: $4.4 million HUD 202: $2.6 million Monroe County HOME: $ 300,000 www.nyshcr.org 21

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Awardee: Housing Visions Consultants, Inc. Location: City of Auburn, NY Number of units: 35 Population served: Very low and low income households; and persons with physical disabilities

Rehabilitation of a large 3-story brick building. New construction and rehabilitation of several homes in a blighted neighborhood Identified as a Central New York Regional Economic Development Council priority Capital: NYS HCR LIHC: $6.9 million NYS HCR HTF: $2.4 million City of Auburn CDBG: $ 600,000 Housing Visions Sponsor Loan $ 250,000 www.nyshcr.org 24

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Awardee: Home Leasing, LLC. Location: Village of Waverly, NY Number of units: 31 Population served: Low income senior households; and persons with Physical Disability/Traumatic Brain Injuries

Adaptive Reuse of a Historic School Advances strategic goal of Southern Tier Regional Economic Development Council Capital: NYS HCR LIHC: $ 4.2 million NYS HCR HTF: $ 1.4 million Historic Tax Credit: $ 2.0 million FHLB loan: $ 279,000 www.nyshcr.org 27

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Awardee: Ithaca Neighborhood Services, Inc. Location: Downtown City of Ithaca, NY Number of units: 50 Population served: Very-low and low income households; and developmentally disabled and homeless persons

New construction in high cost city Project resulted from intensive local-community planning and financial support Capital: NYS HCR LIHC: $ 7,761,600 NYS HCR HTF: $ 1,825,781 NYS HCR SLIHC: $ 1,973,936 CPC Loan: $ 400,000 City of Ithaca HOME: $ 200,000 City of Ithaca HODAG: $ 800,000 FHLB: $ 550,000 Sponsor Loans: $ 900,000 Tompkins County HTF: $ 75,000 www.nyshcr.org 30

 NY Main Street  Urban Initiatives  Rural Area Revitalization  Small Cities CDBG  Affordable Homeownership Assistance  HOME LPA ◦ Home Improvement ◦ Home Buyer Assistance ◦ Rental Rehab ◦ Tenant-based rental assistance www.nyshcr.org 31

Sean Fitzgera rald ld, , Assista sistance nce Commiss ssione oner r (518) 473-8732 Lenny nny Skrill , U Upstate e Director tor of Develop opmen ent t (518) 461-6591 Capital Distric rict t Region onal Office 38-40 State Street, Albany, New York, 12207 Robert Shields, Senior Project Manager (518) 486-5013 James Armstrong, Senior Project Manager (518) 486-5011 John Serio, Senior Project Manager (518) 473-6959 West stch cheste ester r Only New w York City Region onal Office 25 Beaver Street, 7 th Floor, New York, NY 10004 Earnest Langhorne, Downstate Director of Development (212) 480-7473 Michael Ferguson, Senior Project Manager (212) 480-7494 www.nyshcr.org 32