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Directory of New York City Affordable Housing Programs

Program (?) 80/20 Housing Program
Program Description

In the 80/20 Housing Program, HFA offers tax-exempt financing to multi-family rental developments in which at least 20 percent of the units are set aside for very low-income residents, using funds raised through the sale of bonds. At least 20 percent of the units must be set aside for households with incomes at 50 percent or less of the local AMI, adjusted for family size. Alternatively, 25 percent or more of a project’s units must be affordable to households whose income is 60 percent or less than the local AMI, adjusted for family size. Twenty percent of a project’s units must remain affordable to very low-income households for a given time period agreed upon between HFA and the building owner. The very low-income requirement is usually contained in a Regulatory Agreement that dictates that the maximum rent on these affordable units cannot exceed 30 percent of the applicable income limits. The remaining units can be rented at market rates. The tax-exempt bond financing generates four-percent “as of right” Low-Income Housing Tax Credits (LIHTC) for the units occupied by very low-income households. The credits can be syndicated to generate equity for the project.

Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing One-Time
Benefit Type (?) Financing
Government Agency (?) NYS Department of Homes and Community Renewal
Program Information (?)  
Scale N/A
Timeframe 1980-Present
Developer/Owners (?) For-Profit, Non-Profit
Property Information (?)  
Property Occupancy Vacant
Property Type Land, Building
Building Type Multi-family
Construction Type Rehabilitation, New Construction
Occupant Tenure (?) Rental
Occupant Income Restrictions (?) Very Low-Income
More Information NYS HCR

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