Whether you are a home owner or an investor, the New York State Housing Finance Agency (NYSHF) can help you. Using its programs, you can take advantage of a variety of services, including a loan pool for single-family rehabilitation projects, a homeowner assistance fund, and rental production.
Homeowner Assistance Fund
Earlier this year, New York became the first state to receive a federal Homeowner Assistance Fund, a program that helps homeowners with financial hardships. Homeowners who are behind on their mortgages, have fallen behind on property taxes, or have community association fees can apply for the program.
This new federal assistance program is designed to help homeowners avoid foreclosure and help them catch up on their mortgage payments. The program will provide up to five years of interest-free forgivable loans. These loans will be structured as non-amortizing loans, and may also be used to cover future housing payments if an adult household member becomes unemployed. If the homeowner sells or refinances their home within five years of receiving the grant, the loan will be forgiven.
Homeowners in New York can visit the official website for the program, which will open for applications on February 18. Homeowners who are interested in submitting an application will need to complete a short online form with their basic information. Then, they’ll be contacted with funding opportunities.
The program is designed to address the financial needs of homeowners who have been affected by the coronavirus pandemic. The program will provide a grant of up to $50,000 to financially impacted homeowners. The program will be administered by New Hampshire Housing.
The Department of Treasury has provided a user guide for the Homeowner Assistance Fund Quarterly Report, which will be published on the HAF website in the third quarter of 2022. The HAF website is also open for the Homeowner Assistance Fund Annual Report, which is due November 15, 2022.
The Homeowner Assistance Fund can also help families who are late on reverse mortgage payments or other housing-related expenses. The funds can be used to cover the cost of mortgages, utility bills, and other home-related costs.
Community Partners Loan Pool Program
Using the Community Partners Loan Pool as a down payment can save you 20% off the purchase price of a home. The NC Housing Finance Agency has a variety of programs that can be a boon to your financial portfolio. In addition to down payment assistance, there is a mini-permanent loan for refinancing a community facility property, or a construction loan to build or buy a new home.
For a list of programs, visit the North Carolina Housing Finance Agency website. Aside from the usual suspects, the agency is partnering with the likes of the Community Development Financial Institutions (CDFIs), local governments and nonprofit agencies to provide down payment assistance and other housing related services to North Carolina’s residents. The agency also has the ol’ fashioned mandate to educate citizens about the many housing programs and services available to them.
The Community Partners Loan Pool is not for the faint of heart, and applicants will likely need a credit score of 640 or better to qualify. The best part is the program is free to apply for. Depending on your income level, you may be eligible to receive up to twenty percent of the purchase price of your dream home. The program is designed to help you get on the path to homeownership.
The NC Housing Finance Agency has a large number of programs for its residents, but the Community Partners Loan Pool is one of the most popular. To qualify for the program, you may need to complete a home buyer education class offered by the Olive Hill Community Economic Development Corporation. Other CPLP partner organizations include The Housing Assistance Corporation, Inc. and Mountain Housing Opportunities, Inc.
Single Family Rehabilitation Loan Pool Program
ESFRLP is one of several housing rehabilitation programs operated by the NC Housing Finance Agency (HCFA). Currently, the HCFA is making $11 million available to 39 local governments to finance the rehabilitation of owner-occupied homes in twelve North Carolina counties.
The ESFRLP program is targeted to households that have children six years old or older, or households that have full-time disabled members. The funds are forgivable 0% interest loans and are intended to assist with the costs of essential home modifications, such as a roofing or siding replacement, insulation, or a new energy efficient furnace.
Applicants can expect to receive at least $162,000 per eligible dwelling unit. The program is also designed to provide additional funding if the applicant is successful. Applicants must have the organizational capacity to manage the program. Those that are awarded the funds will be subject to a set-aside and may receive a bonus amount if they are able to complete at least two units in the timeframe specified by the ESFRLP Funding Agreement.
The Essential Single Family Rehabilitation Loan Pool will provide a one-million dollar administrative fund and ten million dollars in rehabilitation funds to its Members. It will offer information and resources to help its Members and borrowers locate and apply for housing programs that can help them improve their homes.
The Essential Single-Family Rehabilitation Loan Pool – Disaster Recovery is an initiative that promotes recovery assistance for flood victims. It complements other recovery assistance resources and helps homeowners safely and effectively repair their homes. The program is funded by the HUD Federal HOME Investment Partnerships Program. The program aims to help low-income families recover from flood damage, but it will also offer other benefits.
Rental Production Program
HMCS, or the Housing Finance Agency, has many programs to support affordable housing developments. They offer low interest loan programs for affordable rental housing projects. They also have a mission to preserve affordable housing and link it with other services.
The Low Income Housing Tax Credit (LIHTC) is a federal program that rewards investors with a tax credit for creating and rehabilitating affordable housing. Its success is attributed to the fact that it provides a financial incentive to private capital investment in affordable rental housing.
The Housing Credits Program awards tax credits to nonprofit housing sponsors who create and rehabilitate affordable rental homes. The program also makes it possible for for-profit housing sponsors to rehabilitate existing rental units.
The Rental Production Program, on the other hand, provides a financial incentive to owners of multi-family rental housing projects. The program’s adage is to reserve a quarter of the units for renters below 60% of the area median income.
The Rental Production Program was a major contributor to the state’s FY12 appropriation, which totaled $85,776,337. It is an annual competitive cycle that awards loans between metropolitan areas. A full application is due in May, with a preliminary site and market application due in January.
The American Rescue Plan Act of 2021 allocates $26,687,296 in HUD funding to South Carolina. The program’s main objectives are to provide supportive services, to increase the supply of affordable housing, and to reduce price pressures on renters. The program is accompanied by a new set of requirements and monitoring procedures. It will be interesting to see how this plan will evolve over time.
The OHMS mission is to ensure that the state’s most economically vulnerable residents have access to quality affordable housing.
New York State Housing Finance Agency
Founded in 1960, the New York State Housing Finance Agency offers financing and housing development services to the public and non-profit sectors. It provides mortgage loans to developers of affordable multifamily rental housing. The agency also offers downpayment assistance to qualifying individuals and homeowners.
The agency’s current strategic plan includes three programs that are focused on existing conditions and future development. The New Market Tax Credit program targets distressed areas and brings private capital into struggling local economies. It was created to reduce the cost of housing, improve neighborhoods, and promote development of homes for New York City’s workforce community.
The Weatherization Assistance Program reduces heating and cooling costs for low-income households. The 501(c)(3) Bond Financing program makes proceeds from tax-exempt bonds available to federally-eligible nonprofit organizations. The Affordable Housing Permanent Loan Program provides small, permanent loans to low-income borrowers.
The Sweat Equity program was established in the 1970s to respond to the growing demand for affordable housing. It was implemented through a collaboration between New York City and New Jersey. It was overseen by the non-profit organization Habitat for Humanity.
The Housing Development Corporation launched Sustainable Neighborhood Bonds in 2015. This is a newly formed category of social investment bonds that are designed to help low-income neighborhoods.
The Affordable Neighborhood Cooperative Program manages multifamily properties and selects qualified developers to rehab distressed properties. The program is funded by the City’s federal HOME investment partnership funds.
The Section 811 Supportive Housing for Persons with Disabilities program funds development of affordable housing for individuals with disabilities. The Low-Income Affordable Marketplace Program is for individuals earning up to 60% of the area median income. It is offered through private lenders.