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News for HFA Owners and Managing Agents

The Agency's Housing Portfolio Management Unit will utilize this page to bring pertinent news to HFA Mortgagors, Owner Representatives and Property Managers. We encourage your participation by checking this page regularly for current news regarding program highlights, regulatory compliance matters, reporting requirements, site maintenance, tenant income eligibility matters and important links to other federal and/or state affordable housing announcements.

NEW! icon  Hurricane Preparedness and Recovery 

New York State Homes and Community Renewal has put together an Emergency Preparedness Advisory which specifically addresses steps that Owners, Management Staff and residents should take to be prepared for a hurricane or major storm.  Please take a moment to read through this advisory to learn about ways to reduce risk to residents and avoid potential property damage and find links to a number of helpful resources.

NEW! icon  New Passbook Savings Rate Published  

Housing Notice 2014-15 Passbook Savings Rate Effective February 1, 2015 and Establishing Future Passbook Savings Rates has been posted to HUDCLIPS.  As the title suggests, this notice establishes a new Passbook Savings Rate of 0.06% effective February 1, 2015 which supersedes the rate published in paragraph 5-7.F of HUD Handbook 4350.3, REV-1.  The notice also provides explanation for how future Passbook Savings Rates will be adjusted.
To comply with the requirements of the notice, owners are required to use the new Passbook Savings Rate of 0.06% for all certifications effective February 1, 2015 and later.  If owners have already completed a certification to be effective on February 1, 2015 or later, the certification will need to be corrected using the 0.06% rate.  

NEW! iconNext Available Unit Rule at Deep Rent Skewed Projects 

Recently the Agency has had occasion to reconsider its policy regarding the application of the Next Available Unit Rule to Deep Rent Skewed Projects.

The Agency has understood prudent LIHTC administration to require the rental of any available Low Income Unit in a Deep Rent Skewed building to a new tenant qualifying with income not in excess of 40% of AMI as adjusted for family size so long as any Low-Income Unit tenant in such building is determined upon recertification to have income in excess of 170% of the applicable income limit. 

Pursuant to advice from bond and LIHTC counsel, the Agency has now determined that in the event that a Low Income Unit tenant residing in a Deep Rent Skewed building is determined upon recertification to have income in excess of 170% of the applicable income limit adjusted for family size, then the next available Low Income Unit in the building in which such over income tenant resides must be rented to a new tenant qualifying with income not in excess of 40% of AMI as adjusted for family size, and thereafter any Low Income Unit that becomes available in such building may be rented to a tenant qualifying with income not in excess of 50% or 60% of AMI, as the case may be, as adjusted for family size, pursuant to the terms of the Regulatory Agreement governing the respective project.  

The Agency will henceforth apply such interpretation of LIHTC requirements in monitoring Deep Rent Skewed projects, notwithstanding any provisions to the contrary that may appear in the Regulatory Agreements respectively affecting such projects.

This policy change is effective immediately.  

Any question regarding this policy change should be directed to Jay M. Ticker, Associate Counsel, New York State Housing Finance Agency, 641 Lexington Avenue, New York, New York 10022, 212, who may be reached by telephone at (212) 872-0365; or, via email, at jay.ticker@nyshcr.org.

Qualified Contract Requests

Owners of tax credit properties may be provided with a means to exit the tax credit program following the initial 15 year compliance period through the sale of the housing project. Subject to the terms of Section 42(h)(6)(F) of the Internal Revenue Code, an owner of an eligible project may request that New York State Homes & Community Renewal (NYSHCR) work with the owner to identify potential purchasers of the property through a Qualified Contract process.

The Qualified Contract Process Overview outlines the procedures an owner of a LIHTC project with an expiring compliance period must follow in order to request that NYSHCR present a Qualified Contract for the purchase of the LIHTC project.

An owner wishing to pursue the sale of a project will first complete a Qualified Contract - Preliminary Application, which will be reviewed by NYSHCR in order to determine the owner's eligibility to pursue the sale of the project through the Qualified Contract process.

If NYSHCR determines that the owner is eligible to pursue the sale of the project through the Qualified Contract process, the owner would next complete and submit a Qualified Contract Request (QCR). Once the QCR, along with all supporting documentation, is reviewed and deemed complete and acceptable by NYSHCR, the owner would be notified that the period during which a purchaser will be sought has begun. Integral to the completion of the QCR is the completion of the Qualified Contract Worksheets, used to determine the appropriate Qualified Contract Price.

The documents and forms described above address - in greater detail - the timing considerations, data and document requirements and fees associated with the overall Qualified Contract process. Owners interested in pursuing a Qualified Contract should also refer to the NYSHCR-approved Physical Needs Analysis (PNA) provider list as well as the NYSHCR-approved Appraiser/Market Study provider list when completing the Qualified Contract - Preliminary Application and the QCR.

NEW! iconList of Properties for Sale under Qualified Contract

The LIHTC Projects for Sale under Qualified Contract Page is available for those individuals interested in viewing a listing of LIHTC projects currently for sale under Qualified Contract.

Revised Tenant Income Certification

As a result of the Low-Income Housing Tax Credit (LIHTC) Tenant Data Collection responsibilities established by the Housing and Economic Recovery Act of 2008 (HERA), HUD developed a Tenant Data Collection Form to be used by participating projects to gather required information on Low-Income households. NYSHFA has chosen to adopt the Tenant Data Collection Form as the approved Tenant Income Certification Form to be used at our LIHTC projects. Projects should have begun using the new format no later than January 1, 2011.

Revised Recertification Waiver - 100% Tax Credit Projects

The Agency has modified its recertification waiver policy to reflect changes enacted with the Housing Assistance Act of 2008. An IRS 8877 form is no longer required. All "100%" tax credit projects are eligible for the recertification waiver based on the new legislation. However, HFA will require owners and/or managing agents to furnish certain documentation prior to endorsing a project's request for Agency concurrence of their recertification waiver status. The Agency has developed a new Recertification Waiver Protocol for the purpose of reviewing project requests for concurrence of the waiver. The protocol lists the steps and forms used to review and approve said requests. We have also included a sample resident self-certification form which can be used for existing tenants once the recertification waiver has been implemented.

NEW! icon2014 Audited Financial Statements

All Agency borrowers are required to submit Audited Financial Statements as outlined in the project's Regulatory Agreement. While submission dates vary among properties, most Audited Financial Statements are due to the Agency within 90 days of year end. Failure to submit an Audited Financial Statement will be considered as material noncompliance with the project's Regulatory Agreement and other loan documents. The project and its owner/managing agent could be subject to fines as defined in the Regulatory Agreement. Please ensure that all Financial Statements are submitted by the required deadline. General guidelines for the preparation of Audited Financial Statements can be found in the Developers/Owners/Managers section of this site. Depending upon the type of Agency loan you have, you should refer to the instructions for FHA Insured Loans and 236 Decouplings or Secured Loan Rental Program.

Project Reporting - Section 236 / Preservation Projects

For our 236-decoupled and preservation projects with HUD non project based subsidies, please be advised that your management reviews are subject to HUD's 9834 protocol. This will entail additional data to be collected in advance (i.e., 504, fair housing and demographic questionnaires). Should the project also benefit from low income tax credits, additional data, unit inspections and file review forms will be required as well.

If HFA is the IRP administrator for your 236-decoupled project, you are required to submit monthly excess income reports. Please be further advised that the 236-decoupled projects are also subject to budget based rent increases, which are reviewed by the Agency and passed along to HUD for final determination of 236 basic contract and market rents. See Budget Based Instructions.

Projects Currently in Lease-up / New Construction

When construction of your project is 80% completed, it is imperative that you contact your Asset Manager to arrange for a pre-leasing meeting. The meeting will address the Agency's reporting requirements, marketing activity, lottery requirements and other pertinent compliance topics. If you do not know who your current HFA Asset Manager is, you may contact Robert Rosado at (212) 872-0324 or via email at RRosado@nyshcr.org.

Also prior to accepting applications, please provide your Asset Manager with a copy of your marketing advertisement and other information regarding obtaining and submitting applications for income qualified units. The Agency will display this information on its website to help potential applicants learn about rental opportunities.