Transcript Affordable Housing Corporation (AHC)

Partnering to
improve and
preserve our
homes and
communities
HCR Brings All of New York’s
Housing and Community Renewal Programs
Under One Roof
•T H E A F F O R D A B L E H O U S I N G C O R P O R A T I O N ( A H C )
•T H E D I V I S I O N O F H O U S I N G A N D C O M M U N I T Y R E N E W A L ( D H C R )
•H O U S I N G F I N A N C E A G E N C Y ( H F A )
•S T A T E O F N E W Y O R K M O R T G A G E A G E N C Y ( S O N Y M A )
•H O U S I N G T R U S T F U N D C O R P O R A T I O N ( H T F C )
•T H E M O R T G A G E I N S U R A N C E F U N D ( M I F )
•T H E T O B A C C O S E T T L E M E N T F U N D C O R P O R A T I O N ( T S F C )
•T H E M U N I C I P A L B O N D B A N K A G E N C Y ( M B B A )
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 develop public and private
partnerships that support our mission to improve and
preserve New York State’s homes and communities.
HCR Strategically Aligns More than 30
Programs for Maximum Results
SIMILAR PROGRAMS ADMINISTERED
BY VARIOUS AGENCIES ARE ORGANIZED
INTO THREE UNITS
Housing Finance and Development
Programs 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
Housing Preservation
Programs 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)
Community Renewal
Programs 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
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.
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
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/
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 wellpaying 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/
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/
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
Key Issues/Needs
• Training and Technical Assistance
• Capacity Building
• Sustainability and Self-Sufficiency
• Legislative Support; Congressional and State