Preserving Affordable Housing

Governor Kathy Hochul today announced proposals are now being accepted for the State’s annual 9% Low-Income Housing Tax Credit awards, which will make available up to $58 million in 9% Federal Low-Income Housing Tax Credits (LIHTC), $10 million in New York State Low-Income Housing Tax Credits (SLIHC) and more than $200 million in State Capital subsidy loan programs. The program, administered by New York State Homes and Community Renewal (HCR), will accept proposals through September 10, 2026.

“Families across New York deserve safe, sustainable, affordable housing, and my administration is committed to providing it,” Governor Hochul said. “These $270 million in targeted investments will be a critical part of our five-year Housing Plan and go hand-in-glove with our affordability agenda, allowing developers to build and preserve affordable housing faster and more efficiently in every corner of the state. The resulting projects will transform neighborhoods, lower costs for New Yorkers and strengthen our communities.”

The 9% LIHTC Request for Proposals, issued once a year, is a highly competitive process through which HCR seeks proposals for the creation and preservation of high-quality affordable housing throughout the State. It is a central component of Governor Hochul's $25 billion comprehensive five-year Housing Plan to create or preserve more than 100,000 affordable homes across New York, including 10,000 with support services for vulnerable populations.

Eligible applicants proposing affordable multifamily housing projects can apply for the 9% LIHTC; SLIHC; and subsidy loan financing from the Low-Income Housing Trust Fund Program, Rural and Urban Community Investment Fund, Supportive Housing Opportunity Program, Public Housing Preservation Program, Middle Income Housing Program, Senior Housing Program and LGBTQ+ Affirming Senior Program, HOME Program, New Construction Program, Clean Energy Initiative Program and Multifamily Solar Fund.

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Projects funded through this year’s 9% RFP will put $270 million in tax credits and Capital subsidies to work expanding housing opportunities for families and individuals, revitalizing neighborhoods, enhancing local economic development initiatives, and making New York a place where people can live independently and affordably in the communities they choose. The Low-Income Housing Tax Credit Program and our Capital subsidies are among the most effective tools we have to create the opportunities New Yorkers need. Thanks to Governor Hochul’s laser focus on housing affordability and our development partners, these targeted investments will pave the way for about 1,800 apartments and bring us closer to the goals of the Housing Plan that is on its way to creating and preserving 100,000 affordable homes across the State.”

The agency’s RFP page includes all relevant information, including available resources, project eligibility, and submission requirements.

On or before July 16, HCR will also post an updated RFP Presentation providing detailed guidance, explaining application changes, and highlighting common errors.

All applicants are required to participate in an HCR Technical Assistance session within 12 months of the application due date.

Governor Hochul’s Housing Agenda

Governor Hochul is dedicated to addressing New York’s housing crisis and making the State more affordable and livable for all New Yorkers. Since FY23, the Governor has worked to increase housing supply to make housing more affordable by launching a $25 billion five-year comprehensive Housing Plan, enacted the most significant housing deal in decades and implemented new protections for renters and homeowners. Under Governor Hochul’s leadership, HCR has created new programs that jumpstart development of affordable and mixed-income homes for both renters and homebuyers. These include the Pro-Housing Community Program, which allows certified localities exclusive access to up to $750 million in discretionary State funding. More than 420 communities throughout the state have been certified Pro-Housing.

Governor Hochul’s “Let Them Build” agenda will speed up housing and infrastructure development while lowering costs through a series of landmark reforms. Common-sense changes to New York’s Environmental Quality Review Act (SEQRA) in the FY 2027 Enacted Budget as well as executive actions will expedite critical categories of projects that have been consistently found to not have significant environmental impacts, but for too long have been caught up in red tape and subject to lengthy delays.

The enacted FY27 Budget completes the Governor’s current five-year Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations plus the electrification of an additional 50,000 homes. More than 81,000 affordable homes have been created or preserved to date. The Budget also invests $250 million in capital funding to accelerate the construction of thousands of new affordable homes. The enacted FY27 budget also further reinforces critical protections for tenants and homeowners.