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Multifamily Affordable Housing DevelopmentNeighborhood Preservation CoalitionConference October 13 2016 Presentation Summary About HCR. Multifamily Production 2011 15 Financing Approach State Housing PrioritiesCadence Square Supportive Resources Housing for Veterans .Canandaigua Deployment of Resources Housing Plan Supportive Housing Opportunity Program SHOP Project Examples. ABOUT HCRHomes and Community Renewal servesNew Yorkers by fostering the creationand preservation of affordable housing working strategically to revitalize.neighborhoods and communities andpromoting fair housing opportunitythroughout the Empire State Multifamily Programs provides financingand capital to promote affordable rental.housing opportunities for low tomoderate income residents of New York Multifamily Development Summary 2011 20152011 2015 MultifamilyProjects Financed 355.Total Units Financed 48 001Total Affordable Units Financed 35 506Total Development Cost 18 160 085 049Affordable Preservation Units 17 161E J Apartments Binghamton.Affordable New Construction Adaptive Reuse UnitsSenior and Frail Elderly Units 8 071Special Population Units 4 266 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 ofdomestic violence Multifamily Development Location New York State 2011 2014 Multifamily Development Location New York City Metro Area 2011 2014. 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 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 aspart of a coordinated community redevelopment plan Integrated Supportive Housing Provide permanent supportive housing to a variety of special needspopulations 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 DevelopmentCorporation 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 RuralDevelopment programs or RARP . Housing Opportunity Projects that propose workforce housing in areas experiencing economic growth that areserved by high performing school districts Workforce Opportunity Projects in close proximity to Metropolitan Transit Authority MTA rail stations withina quarter mile walk of an MTA subway station in communities with TOD plans or that are in close proximity to multi modaltransportation centers . Disaster Relief Support projects in communities directly impacted by Federal Emergency Office declared disasters RESOURCES HFA BONDS Financing to create and preserve affordablemultifamily 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 constructionor rehabilitation of affordable housing developments . Housing Trust Fund Clinton Park Phase II 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 DEPLOYMENT.Unified Funding Application Highly competitive single sourcerequest for proposals process to access9 LIHTC and a wide variety ofsubordinate financing resources .Norwood Terrace SupportiveHousiBrooklynOpen Window Requests for Proposals Applications are accepted on acontinuous basis for tax exempt .taxable and 501 c 3 bonds in additionto subordinate financing and State LowIncome Housing Credits 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 2016 17 budget passed 1 9 billion in capital 150 million allocated to supportive housing MOU pending. HOUSING PLAN HOUSE NY 2020Build NY Creation of units across a spectrum of populations Supportive housing Middle income housing Senior housing. Community Investment Fund Multifamily New Construction HOUSING PLAN HOUSE NY 2020Preserve NY Preservation of existing housing stock Multifamily Preservation. Mitchell Lama Preservation Small Building Program Public Housing PreservationWelcome Home NY Providing homeownership opportunitiesRevitalize NY Investing in downtowns and villages. Supportive housing for families individuals and or young adults Households who are homeless and have one or more disabling orother life challenges Unmet housing need as determined by the CoC or local planningFunding 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 upto 100 000 per other housing unit up to 60 AMI in integratedsupportive 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 integratedsupportive housing projects .Additional Priorities and Requirements At least 80 of funding reserved for developments that will becontrolled by not for profits Total supportive housing units should not exceed sixty 60 percentof 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 anamount 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 Complements the service and operating awards through the EmpireState Supportive Housing Initiative ESSHI PROJECT EXAMPLESCadence Square Canandaigua Veterans.Lace Factory Apartments Kingston Community DevSpa Apartments Clifton Springs Pres CAMBA Gardens Phase I Brooklyn Supportive Housing ETHEL T CHAMBERLAIN HOUSE Developer Housing Visions Location Syracuse. TDC 8 million Historic Reuse 16 units permanent supportive housing reservedfor formerly homeless women 15 bed women semergency shelter . Financing from HCR HHAC State and federalhistoric tax credits E J APARTMENTS Developer First Ward Action Location Binghamton. TDC 6 4 million Historic Reuse includingrepurposing of former EndicottJohnson Medical Clinic 20 units for seniors including five.units with a preference for personswith developmental disabilities Financing from HCR OPWDD State and federal historic tax credits Weatherization funds . QUESTIONSSean FitzgeraldVice President Multifamily ProgramsNew York State Homes and Community Renewalsean fitzgerald nyshcr org.www nyshcr orgSchoolhouse Terrace PS 6Mitchell-Lama . Preservation: Preservation of projects transferred from the NYS Empire State Development Corporation to HFA as part of Governor Cuomoâ€™s $1 billion House NY Program. Rural Preservation: Rehabilitation of projects in rural communities, including projects participating in USDA Rural Development programs or RARP.