HCR Announces Rural & Urban Community Investment Fund (CIF)

New York State Homes & Community Renewal (HCR) has announced the availability of funding under the Rural & Urban Community Investment Fund (CIF), administered by the Housing Trust Fund Corporation (HTFC), and posted on the HCR website at: http://www.nyshcr.org/Apps/CDOnline.

HCR expects to have up to $5.4 million available for retail, commercial or community facility spaces that are part of mixed-use affordable housing developments. By decreasing the level of debt that a developer must carry on the retail component of a project, this Fund will make commercial space in these developments much more accessible to local businesses and community-based organizations.

Sixty (60) percent of these funds will be allocated to projects located in “Urban Areas” of the state with a population of 25,000 or more and 40 percent of the funds will be allocated to projects located in “Rural Areas” of the State with a population of less than 25,000. The maximum amount per project which may be requested is $500,000.

Contact: Ken Harris, kharris@leadingageny.org, 518-867-8835