• Agency: NYS Homes and Community Renewal (NYS HCR)
• Status: Currently Available

New Construction Program (NCP), also known as the New Construction Capital Program, provides subordinate financing for the new construction or adaptive reuse of rental housing affordable to households that may advance one or more of the specific housing priorities of New York State. These priorities include the redevelopment of state-owned and municipally-owned sites and developments that meet critical needs in their communities, family housing in high performing school districts, community redevelopment and revitalization, and developments specifically supported by the Regional Economic Development Councils and the Downtown Revitalization Initiative. New York State Homes and Community Renewal (HCR) reserves the right to allocate funding to ensure that the broad range of statewide housing needs are met. Projects must have 50 percent of the units affordable to households earning less than 60 percent of Area Median Income (AMI). Developers who receive NCP subsidy may also apply for the supplemental Middle Income Housing Program and the Homes for Working Families Program.