NYS Announces Availability of $42.63 Million for Affordable Rental Housing Development
(Jan. 28, 2025) The NYS Housing Trust Fund Corporation has announced the availability of approximately $53.83 million in federal funds remaining for the NYS HOME American Rescue Plan (HOME-ARP) program, including $42.63 million for the development of affordable rental housing.
The primary goal of the NYS HOME-ARP program is to increase the permanent supply of housing for households consisting of qualifying populations and making less than 30 percent of the Area Median Income (AMI). Qualifying populations include persons who are experiencing homelessness, persons who were formerly homeless but housed with temporary resources, persons at risk of homelessness, persons with disabilities, persons fleeing or attempting to flee domestic violence or human trafficking, persons exiting institutions or systems of care, and other populations experiencing housing instability.
Projects financed under the HOME-ARP program must reserve at least 70 percent of units for qualifying populations, while 30 percent of units may be for low-income populations earning under 80 percent of AMI.
In addition to the funds available for the development of affordable rental housing, the Notice of Funding Availability includes $7 million for the acquisition and development of non-congregate shelters and, to ensure that underserved communities across the state have the opportunity to benefit from the HOME-ARP program, $4.2 million for non-profit capacity building.
Awards for affordable rental housing development are limited to $20 million, or up to $400,000 per unit.
An informational webinar will be hosted by NYS Homes and Community Renewal (HCR) on Fri., Feb. 7th at 1 p.m. Registration information and application materials are available on the HCR website, and initial applications for threshold review will be accepted until 4 p.m. on June 20th. Projects meeting threshold standards will then be invited to submit a full application by 4 p.m. on Sept. 26th.
For inquiries or technical assistance regarding the NYS HOME-ARP program, contact HCR’s Office of Community Renewal at 518-474-2057 or HOME_ARP@hcr.ny.gov.
Contact: Annalyse Komoroske Denio, akomoroskedenio@leadingageny.org, 518-867-8866