Rural & Urban Community Investment Fund

AGENCY: New York State Homes and Community Renewal

DEADLINE: N/A

AWARD: Applicants using CIF to develop new or rehabilitate non-residential space (Retail, Commercial, Civic or Community Service Facilities) may request the lesser of up to $1,500,000 per project or the amount needed to ensure that market rents would be sufficient to cover the cost of financing and operating the space of the project. Applicants using CIF to rehabilitate rural affordable housing may request the lesser of up to $2,000,000 per project or the amount needed to ensure that rents would be sufficient to cover the cost of financing and operating the project. 
MATCHING REQUIREMENT — Pursuant to the CIF statute, applicants are required to provide a 1/3 match of the requested funding amount including but not limited to cash, developer equity, deferred developer fee, donated property, materials or labor and other resources as qualified in the application’s development budget and supported by the funding commitment documentation. 

ELIGIBILITY: Eligible applicants include not-for-profit corporations or charitable organizations, or a wholly owned subsidiary of such corporations or organizations, or private for-profit developers. 

TARGET POPULATION: Rural Areas — cities, towns and villages having a population of less than 25,000 as determined by the last decennial census. 

SUMMARY: Under this Open Window Request for Proposals (RFP), New York State Homes & Community Renewal (HCR), acting through the Housing Trust Fund Corporation (HTFC), invites qualified applicants to apply for Rural and Urban Community Investment Funds (CIF) to support retail, commercial or community facility components of mixed-use affordable housing developments in urban and rural communities statewide, as well as to support preservation of existing affordable multifamily housing in rural areas of the State. 

LINK to RFP: http://www.nyshcr.org/Funding/CIF/CIF-OW-RFP.pdf