All Affordable Program
All Affordable Program offers
financing to encourage the creation of
multifamily rental housing affordable to
households earning no more than 60% of the
Area Median Income, adjusted for family
To qualify for Low Income Housing Tax Credits, household income cannot exceed 60% of the AMI, adjusted for family size. Other subsidies are often required to complete the financing structure of all affordable projects. These subsidy sources often require income limits of 50% or less than AMI. All low income units are subject to a NYSHFA Regulatory Agreement.
The tax-exempt bond financing generates 4% “as of right” Low Income Housing Tax Credits (LIHTC), which can either be syndicated to generate part of the required equity a borrower must contribute to the financing or be utilized to offset the borrower’s tax payments.
Subsidy financing, which may take the form of a subordinate loan or grant, may be available from federal, state and local sources such as the New York State Division of Housing and Community Renewal, the Federal Home Loan Bank, federal HOME monies and the HFA’s Empire Housing Fund.
All bond financed mortgages, including those funded under this program, must be credit enhanced.
Allocations are subject to an analysis of
the project’s need, the projected benefits
to low income households, and the
availability of tax credits.
Applications for financing under this program are accepted on a continuous basis.
NYS Housing Finance Agency
641 Lexington Avenue, 4th Floor
New York, NY 10022