The New York Housing Trust Fund (NY HTF) program provides funding in the form of grants to eligible applicants to construct low-income housing, rehabilitate vacant or distressed or underutilized residential property, or convert vacant or underutilized non-residential property to residential use for occupancy by low-income homesteaders, tenants, tenant-cooperators, or condominium owners. The NY HTF also provides seed funding to eligible non-profit applicants who need financial assistance to develop a full HTF project application. NY HTF projects must be located in blighted, deteriorated, or deteriorating areas as determined by New York State Homes and Community Renewal (HCR) and defined by statute. The vacancy requirement does not apply to one- and two-unit residential properties if rehabilitation creates at least one additional unit. Funding is limited to $125,000 per unit and project sponsors must ensure long-term use (15 to 30 years) by low-income persons. Up to 10 percent of a NY HTF award can be used for a community service facility. The NY HTF is administered along with several other programs by the Housing Trust Fund Corporation, an entity related to HCR.