HCR Announces 2024 9 Percent LIHTC RFP
(Aug. 6, 2024) On Aug. 1st, NYS Homes and Community Renewal (HCR) announced the release of the 2024 9 Percent Low-Income Housing Tax Credit (LIHTC) Request for Proposals (RFP), which makes available up to $40 million in LIHTCs, $12 million in State Low-Income Housing Credits (SLIHCs), and more than $200 million via State capital subsidy loan programs.
The 9 percent RFP is a component of the State’s $25 billion comprehensive five-year housing spending plan that is designed to create and preserve more than 100,000 affordable homes across New York, including 10,000 supportive housing units.
HCR will post an updated RFP presentation on Aug. 8th providing detailed guidance to potential applicants, explaining changes to this RFP, highlighting common errors, and more. Applicants are encouraged to review all relevant information posted on the RFP page, including key changes in several term sheets. Additionally, all applicants are required to participate in an HCR Technical Assistance session within 12 months of the application due date.
Proposals are due Sept. 18, 2024. Details on the RFP and information on HCR’s multifamily programs can be found here.
HCR is working to amend the Qualified Allocation Plans (QAPs) and regulations that guide administration of the 4 percent and 9 percent LIHTCs and SLIHCs in advance of the summer 2025 9 percent RFP and anticipates publishing details of the proposed changes in the State Register this fall. LeadingAge NY staff are monitoring the revision process and working to solicit member feedback to help ensure that the updated QAPs are effective and efficient tools to help meet the housing needs of NY's growing population of low-income older adults. Members with experience navigating the LIHTC and SLIHC programs are encouraged to share their insights with Annalyse Komoroske Denio (akomoroskedenio@leadingageny.org).
Contact: Annalyse Komoroske Denio, akomoroskedenio@leadingageny.org, 518-867-8866