New York State Housing Finance Agency
| Public-benefit corporation overview | |
|---|---|
| Formed | 1960 |
| Jurisdiction | New York (state) |
| Headquarters | 641 Lexington Avenue, 4th Floor, New York City, New York 10022 |
| Employees | 282 (FY 2023) |
| Annual budget | US$1.317 billion (expenses, FY 2023) |
| Public-benefit corporation executives |
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| Parent Public-benefit corporation | New York State Homes and Community Renewal |
| Website | hcr |
The New York State Housing Finance Agency (HFA) is a New York State public-benefit corporation created in 1960 to increase the supply of rental housing for low-income people by issuing bonds and providing low-interest mortgage loans to regulated housing companies.
The New York State Housing Trust Fund Corporation (HTFC) focuses on the broader goal of affordable housing development and tends to concentrate on rental housing, the New York State Affordable Housing Corporation (AHC) works to promote affordable homeownership, and the Homeless Housing and Assistance Corporation (HHAC) concentrates specifically on providing housing solutions for homeless populations. They focus on funding for organizations, while the separate State of New York Mortgage Agency (SONYMA) offers affordable mortgage products directly to homebuyers.
Developers can take advantage of several financing resources when they obtain HFA financing. These include the All Affordable Housing Program for developments in which 100% of the units are affordable; the Mitchell Lama Rehabilitation and Preservation (RAP) program, which helps renovate state-financed Mitchell–Lama Housing Program projects; and the 80/20 Program, which provides financing for rental projects where at least 20% of the units are set aside for low-income tenants.