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Partnering to improve and preserve our homes and communities

Partnering to improve and preserve our homes and communities. HCR Brings All of New York’s Housing and Community Renewal Programs Under One Roof. The Affordable Housing Corporation (AHC) The Division of Housing and Community Renewal (DHCR) Housing Finance Agency (HFA)

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Partnering to improve and preserve our homes and communities

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  1. Partnering to improve and preserve our homes and communities

  2. HCR Brings All of New York’s Housing and Community Renewal Programs Under One Roof The Affordable Housing Corporation (AHC) The Division of Housing and Community Renewal (DHCR) Housing Finance Agency (HFA) State of New York Mortgage Agency (SONYMA) Housing Trust Fund Corporation (HTFC) The Mortgage Insurance Fund (MIF) The Tobacco Settlement Fund corporation (tsfc) The Municipal Bond Bank agency (MBBA) .

  3. NYS HCR’s Housing and Community Renewal Agencies are Responsible for More than 1.3 Million Units Throughout the State. Together we issue bonds, disburse state and federal program dollars on behalf of New York State, administer the state’s rent laws, and developpublic and private partnerships that support our mission to improve and preserve New York State’s homes and communities.

  4. HCR Strategically Aligns More than 30 Programs for Maximum Results similar programs administered by various agencies are organized into three units

  5. Housing Finance and DevelopmentPrograms that Fund the Development of Affordable Housing Including: Low Income Housing Tax Credit programs, tax exempt and taxable bond finance programs, single family loan and Capital awards programs

  6. Housing PreservationPrograms that Maintain and Enhance Existing Affordable Housing Including: the Office of Rent Administration the Section 8 program, Asset Management, and the Weatherization Assistance Program (WAP)

  7. Community RenewalPrograms that Renew Communities, Create Jobs, and Revitalize both Urban and Rural Areas Including: NYS Community Development Block Grant (CDBG), NYS HOME LPA, Affordable Housing Corporation, Neighborhood Stabilization Program, NY Main Street, Urban Initiatives, rural area revitalization Projects, Access to HOME, RESTORE, and the Neighborhood and Rural Preservation programs

  8. Affordable housing and community renewal is an important part of New York’s strategy to encourage economic growth. Watertown, NY - NYS CDBG, NYMS and Low Income Housing Tax Credits combined with other funding to help preserve the historic Franklin Building in downtown Watertown, NY — providing affordable apartments, commercial retail space, and revitalizing the local economy.

  9. Developing and Preserving Homes and Communities Statewide Recent Accomplishments and Highlights Affordable Housing Development and Preservation • HCR has financed the development of more than 25,000 units of affordable rental housing across the state in recent years, and financed the preservation of more than 13,000 units of affordable housing since 2007 • Asset Management • HCR oversees a portfolio of more than 190,000 multi-family units • Consolidated Funding Application/Regional Councils • Third year participating in the CFA Process • Our Focus • Protect tenants and keep housing affordable for more than one million rent-regulated tenants • Advance the goals of the Governor’s $1 billion House NY initiative to create/preserve 14,000 units over five years—including the transfer of nearly 9,000 Mitchell-Lama units from ESD

  10. Collaborations and Partnerships • SONYMA Lending Programs • Our five mortgage programs feature competitive interest rates, low down payment requirements, flexible underwriting guidelines, no prepayment penalties and down payment assistance. All SONYMA loans are financed through the sale of tax exempt bonds. • Currently, SONYMA has 10 credit unions across the state participating in our mortgage programs. • Participating lenders originate loans to low- and moderate-income first-time homebuyers for sale to SONYMA. • Of note, SONYMA loans are exempt from the CFPB’s Ability-to-Repay/Qualified Mortgage (QM) requirements. • Become a Lender today; SONYMA waives the one-time lender application fee for any credit union wishing to become a SONYMA lender. • More Information:http://www.nyshcr.org/Topics/Lenders/Lenders/

  11. Collaborations and Partnerships • Weatherization Assistance Program • HCR continues to seek out leveraging opportunities to support and expand Weatherization Assistance Program efforts. CDFIs may be in a position to partner with HCR to provide financing for energy-efficiency work in lower-income communities. These investments help keep communities vibrant by creating well-paying green jobs and by providing economic support for low-income households. • Federal cuts to weatherization funding have especially impacted low-income communities. Funds invested in energy efficiency stay in the community; instead of spending money on imported oil, low-income households can use the savings for other essentials. Weatherization also trains workers for green jobs that pay well, and targets disadvantaged youth and others living in the State's underserved communities. • HCR has collaborated with NYSERDA in initiatives such as Green Jobs New York to identify opportunities for investment in energy efficiency work in underserved communities and looks to expand this collaboration in the coming year. • More Information:http://www.nyshcr.org/Programs/WeatherizationAssistance/

  12. Collaborations and Partnerships • Affordable Housing Corporation (AHC) • AHC creates homeownership opportunities for low- and moderate-income families by providing grants to governmental, not-for-profit and charitable organizations to help subsidize the cost of newly constructed houses and the renovation of existing housing. • For many AHC applicants and grantee, Construction Financing for home ownership is either impossible to obtain or the rates are too high to make the ultimate sale of said property affordable to the targeted families. • Strict timing and deadlines often prevent AHC from participating on the construction financing side. • CDFI’s can partner with AHC Grantees and provide construction and/or permanent financing to extend the reach of these programs and the ability of grantees to provide more affordable units across NYS. • More Information:http://www.nyshcr.org/Agencies/AHC/

  13. Funding Opportunities • HCR Unified Funding 2013 Multi Family Programs • 9% Low-Income Housing Credit Program • State Low Income Housing Credit Program • Low Income Housing Trust Fund Program • New York State HOME Program (Capital) • Urban Initiatives Program (Capital) • Rural Area Revitalization Projects Program (Capital) • Community Investment Fund • http://www.nyshcr.org/Funding/UnifiedFundingMaterials/2013/ • Medicaid Redesign Initiative, Housing Capital Program • provides subsidy funds for supportive housing projects for high cost Medicaid populations; in partnership with OMH, OTDA and other state agencies • NYS Regional Councils and the 2013 Consolidated Funding Application (CFA) http://regionalcouncils.ny.gov • More information online…http://www.nyshcr.org

  14. Key Issues/Needs • Training and Technical Assistance • Capacity Building • Sustainability and Self-Sufficiency • Legislative Support; Congressional and State

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