1. Multifamily Affordable Housing Development
Neighborhood Preservation Coalition Conference, October 13, 2016

2. Presentation Summary About HCR Multifamily Production, 2011-15
Financing Approach
State Housing Priorities
Resources
Deployment of Resources
Housing Plan
Supportive Housing Opportunity Program (SHOP)
Project Examples
Cadence Square, Supportive Housing for Veterans, Canandaigua

3. ABOUT HCR
Homes and Community Renewal serves New Yorkers by fostering the creation and preservation of affordable housing, working strategically to revitalize neighborhoods and communities, and promoting fair housing opportunity throughout the Empire State.
Multifamily Programs provides financing and capital to promote affordable rental housing opportunities for low- to moderate- income residents of New York.

4. Multifamily Development Summary, 2011-2015
Multifamily
Projects Financed
355
Total Units Financed
48,001
Total Affordable Units Financed
35,506
Total Development Cost
$ 18,160,085,049
Affordable Preservation Units
17,161
Affordable New Construction/ Adaptive Reuse Units
18,345
Senior and Frail Elderly Units
8,071
Special Population Units*
4,266
E.J. Apartments, Binghamton
*Special Population units include: frail seniors, persons with HIV/AIDS, developmentally disabled persons, homeless persons, homeless families, people with a physical disability, victims of domestic violence, people with psychological disabilities, NY/NY III populations A, C, E, F, G, H, J, veterans, physically disabled veterans, psychologically disabled veterans, seniors with psychological disabilities, homeless veterans, veterans with drug/alcohol addictions, persons with physical and developmental disabilities, persons with substance abuse problems, and homeless families who are victims of domestic violence.

5. Multifamily Development Location, New York State, 2011-2014

6. Multifamily Development Location, New York City Metro Area, 2011-2014

7. FINANCING APPROACH Coordinate variety of programs and resources.
Flexibility for developers to consider different options.
Comparison of 4% LIHTC and 9% LIHTC.
Encourage leverage.
Promote high quality, construction ready projects.
Advance housing goals.
Provide for the market and site-specific needs.
Coordinated investment with jurisdictions and agencies.
Mixed income and mixed use development encouraged.
Integrated, supportive housing encouraged.
Promote community and economic development.
Neighborhood of the Arts

8. HOUSING PRIORITES
Economic Development: Projects specifically endorsed in the Regional Economic Council Strategic Plans.
Community Renewal and Revitalization: Mixed use and/or mixed-income projects in neighborhoods as part of a coordinated community redevelopment plan.
Integrated Supportive Housing: Provide permanent supportive housing to a variety of special needs populations, including, but not limited to the homeless, veterans, survivors of domestic violence and the disabled.
Public Housing Restructuring Projects: Projects that address the needs of public housing units outside the City of New York and assist Public Housing Authorities in completing their restructuring plans.
Mitchell-Lama Preservation: Preservation of projects transferred from the NYS Empire State Development Corporation to HFA as part of Governor Cuomo’s $1 billion House NY Program.
Rural Preservation: Rehabilitation of projects in rural communities, including projects participating in USDA Rural Development programs or RARP.
Housing Opportunity: Projects that propose workforce housing in areas experiencing economic growth that are served by high performing school districts.
Workforce Opportunity: Projects in close proximity to Metropolitan Transit Authority (MTA) rail stations, within a quarter-mile walk of an MTA subway station, in communities with TOD plans, or that are in close proximity to multi-modal transportation centers.
Disaster Relief: Support projects in communities directly impacted by Federal Emergency Office declared disasters.

9. RESOURCES
HFA BONDS: Financing to create and preserve affordable multifamily rental housing using agency-issued bonds.
TAX CREDITS: Generates part of the required equity or utilized to offset the borrower's taxes.
4% and 9% LIHTC
State Low Income Housing Credit (SLIHC)
SUBORDINATE FINANCING: Assistance for new construction or rehabilitation of affordable housing developments.
Housing Trust Fund
Homes for Working Families
Supportive Housing Opportunity Program
New Construction Program
Multifamily Preservation Program
Middle Income Program: Units up to 130% AMI.
Community Investment Fund: Mixed use and rural.
Medicaid Redesign Team: High cost Medicaid users.
Mitchell Lama Programs
HOME
Clinton Park Phase II

10. DEPLOYMENT Unified Funding Application:
Highly competitive, single-source request for proposals process to access 9% LIHTC and a wide variety of subordinate financing resources.
Open Window Requests for Proposals:
Applications are accepted on a continuous basis for tax-exempt, taxable and 501(c)(3) bonds in addition to subordinate financing and State Low Income Housing Credits.
Norwood Terrace, Supportive HousiBrooklyn

11. Housing Plan—House NY 2020
$20B commitment to affordable housing and homelessness:
$10B for 100,000 for affordable over five years
Approximately half preservation / half new construction
FY budget passed $1.9 billion in capital
$150 million allocated to supportive housing
MOU pending

12. Housing Plan—House NY 2020
Build NY: Creation of units across a spectrum of populations
Supportive housing
Middle income housing
Senior housing
Community Investment Fund
Multifamily New Construction

13. Housing Plan—House NY 2020
Preserve NY: Preservation of existing housing stock
Multifamily Preservation
Mitchell Lama Preservation
Small Building Program
Public Housing Preservation
NYCHA
Welcome Home NY: Providing homeownership opportunities
Revitalize NY: Investing in downtowns and villages

14. SHOP
Purpose
Supportive housing for families, individuals, and/or young adults
Households who are homeless and have one or more disabling or other life challenges
Unmet housing need as determined by the CoC or local planning entity
Funding Available—Up to $150 million
Maximum UF Request per Housing Unit up to 60% AMI
New York City: Up to $140,000 per supportive housing unit and up to $100,000 per other housing unit up to 60% AMI in integrated supportive housing projects.
Westchester County & Long Island: Up to $140,000 per supportive housing unit and up to $100,000 per other housing unit up to 60% AMI in integrated supportive housing projects.
Rest of State: Up to $75,000 per supportive housing unit and up to $50,000 per other housing unit up to 60% AMI in integrated supportive housing projects.

15. SHOP Additional Priorities and Requirements
At least 80% of funding reserved for developments that will be controlled by not-for-profits.
Total supportive housing units should not exceed sixty (60%) percent of the total units in the project.
Priority for projects that contain more than 50% supportive units.
Applicants should underwrite rents for supportive housing units at an amount affordable to households earning 50% AMI.
Developments must provide an integrated housing environment.
Minimum 40 year regulatory agreement will require the number of units designated as supportive housing will remain so for at least 40 years.
Complements the service and operating awards through the Empire State Supportive Housing Initiative (ESSHI).

16. PROJECT EXAMPLES Cadence Square—Canandaigua—Veterans
Lace Factory Apartments—Kingston—Community Dev
Spa Apartments—Clifton Springs— Pres
CAMBA Gardens Phase I—Brooklyn—Supportive Housing

17. Ethel T. Chamberlain House
Developer: Housing Visions
Location: Syracuse
TDC: $8 million
Historic Reuse
16 units permanent supportive housing reserved for formerly homeless women; 15 bed women’s emergency shelter.
Financing from HCR, HHAC, State and federal historic tax credits.

18. E.j. apartments Developer: First Ward Action Council
Location: Binghamton
TDC: $6.4 million
Historic Reuse, including repurposing of former Endicott Johnson Medical Clinic.
20 units for seniors including five units with a preference for persons with developmental disabilities.
Financing from HCR, OPWDD, State and federal historic tax credits, Weatherization funds.

19. QUESTIONS Sean Fitzgerald Vice President, Multifamily Programs
New York State Homes and Community Renewal
Schoolhouse Terrace – PS 6