• Agency: NYS Homes and Community Renewal (NYS HCR)
• Status: Projects Under Regulation

The 501(c)(3) Bond Financing program makes the proceeds of tax-exempt bonds available to federally eligible 501(c)(3) non-profit organizations for the new construction, rehabilitation, or preservation of existing affordable multi-family rental housing projects. Eligible projects include those acquired from a non-profit owner or those acquired from another non-profit organization and should further the goal of maximizing benefits to low-, moderate-, and middle-income persons. Therefore, recipients of the bond financing are chosen based on how their activities demonstrate benefits to low-, moderate-, and middle-income residents. The program provides more flexibility than private activity bonds.