New York State Homes and Community Renewal
New York

HCR's Small Building Participation Loan Program provides gap project financing assistance for qualified housing developers for acquisition, capital costs and related soft costs associated with the preservation and improvement or new construction of rental properties in buildings of 5 to 50 units located outside of New York City. One of the program's primary targets is the renovation or new construction of small buildings in medium density neighborhoods where rents are already affordable, but not strong enough to support market transactions, with a focus on neighborhoods supported by other targeted investments by New York State or local initiatives. The program can also support strategic investments in more rural communities by supporting the development of small and mid-sized rental initiatives.

Funding Source
General revenue
Funding Year
FY 2022-2023
Program Status
Active
State Funding
$12,000,000
Total Funding
$12,000,000
Website
https://hcr.ny.gov/system/files/documents/2022/10/small-buildings-plp-oct-2022-term-sheet.pdf#:~:text=HCR's%20Small%20Building%20Participation%20Loan,units%20located%20outside%20of%20New
Contact
Brett Hebner New York State Homes and Community Renewal [email protected] 518-486-6538
How Provided?
Development loans
Data Collected by Program
Does not collect data on income, race, ethnicity, disability status, or age
Program Type
Capital resources
Income Eligibility Threshold
120% AMI or less
Duration
Affordability period is 30 years
Info Source
Interview with program administrator
Last Updated
4/21/23 14:56
Other Eligibility Requirements

No other eligibility requirements

Coordinates Eligibility With

Does not coordinate with other systems

Eligibility Limitations

Does not limit eligibility on these criteria

Priority Populations

Very low-income households (income less than 50% AMI)