The Northfield in the town of Fairport in Monroe County is an assisted living complex that was developed by Sheen Housing, a western New York nonprofit, and was financed through the 501(c)(3) program.
The 501(c)(3) Bond Financing Program offers financing to not-for-profit organizations for the creation and rehabilitation of affordable housing. Eligible projects include those acquired from a not-for-profit owner or those acquired from another not-for-profit organization. Projects currently owned by a 501(c)(3) organization and financed by an entity other than HFA may be eligible for financing essentially a refinancing provided the transaction includes a rehabilitation component.
Provided that the 501(c)(3) organization satisfies its exempt purpose as described in its determination letter from the IRS, there are generally no income restrictions for occupancy of a project financed under this program. However, all financings must further the Agency's public purpose, which is to maximize the benefits to low, moderate and middle income persons.
Subsidy financing, which may take the form of a subordinate loan or grant, may be available from federal, state and local sources.
Low Income Housing Tax Credits are not available under this program.
All bond financed mortgages, including those funded under the 501(c)(3) Program must be credit enhanced. Credit enhancement provides security for bondholders and ensures a higher rating on the bonds issued, which in turn produces a lower mortgage rate. Click here for more information on credit enhancement options.
Applications for financing under the 501(c)(3) Program are accepted on a continuous basis.
Click here for application forms.
For those applying for HFA financing and funding from the Division of Housing and Community Renewal's Homes for Working Families Program for the same project please click here for access to the online HFA/DHCR Joint Application.
Last updated: 11/25/2008 10:46:41 AM