The New York State Homes & Community Renewal (HCR) agency announced 35 award recipients for the State’s competitive Unified Funding (UF) awards program that leverages $78 million in low-interest loans and tax credits to build and preserve over 2,200 units of affordable housing. This unique State program combines the funding rounds of three major development programs that aim to increase the availability of quality affordable housing: the Low-Income Housing Credit Program (LIHC), the Low-Income Housing Trust Fund Program (HTF), and the New York State HOME Program (HOME). Applicants are also able to request supplemental funding from the State Low-Income Housing Tax Credit Program (SLIHC) and the Housing Development Fund Program (HDF) in conjunction with any of the three aforementioned UF award programs. Urban Initiatives Program (UI) and Rural Area Revitalization Project Program (RARP) funds are also available for mixed-income and mixed-use revitalization projects.
Among the notable projects: ten awards will provide 329 units of supportive housing for persons with special needs; two projects will provide 46 units for veterans who will receive subsidies through HUD’s Veterans Affairs Supportive Housing Program (VASH) program; numerous projects will incorporate energy efficiency standards; and two preservation projects will prevent the loss of existing affordable housing threatened by market forces.