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Established in 2023 by Westchester County, HFF is a new affordable housing production tool that builds on the strengths of Westchester’s existing programs to increase affordable housing across the county. HFF helps foster the development of shovel-ready affordable housing projects in the county. The unit must serve households at or below 65% of the county area median income (AMI).
“The Housing Flex Fund program is an example of our continued commitment to addressing the critical shortage of affordable housing in Westchester County. By working with the housing development community, we are committed to providing much-needed affordable housing. We will be able to directly impact the construction of affordable housing in the United States,” said Westchester County Executive. George Latimer. Furthermore, he added: senator chumer and senator gillbrand For appropriating federal ARPA funds directly to counties and including housing as one of the allowable uses of ARPA funds. ”
“We are excited to begin accepting loan applications for affordable housing projects through the Housing Flex Fund Program. “The typical annual production of housing is expected to double,” said Westchester County Director of Operations and IDA Chair. joan mcdonald.
“The Department of Planning is proud to have played a role in the design and implementation of the Housing Flex Fund program. , we look forward to accelerating affordable housing development in the county. We look forward to receiving, reviewing, and approving applications to achieve this goal.” said Chester County Planning Director. Blanca Lopez.
“We are excited to support Westchester in the design and launch of the Housing Flex Fund. “This is an innovative approach to injecting $100,000 of public funding. This will create affordable housing in communities of opportunity across the county.” philip kashPartner, HR&A Advisor.
HFF is made possible by a $100 million gift over two years from the American Rescue Plan Act (ARPA) Foundation. We will focus on four key project types to achieve immediate impact and accelerate the supply of new affordable housing units. They include:
- Last stop financing for the stalled Low Income Housing Tax Credit (“LIHTC”) development.
- New gap sources for future affordable rental housing developments of various sizes, including new LIHTC and non-LIHTC developments, supported housing and affordable preservation projects.
- Developments under construction or recently completed seek funding to fill gaps caused by increased construction and/or interest costs to create additional affordable housing.
- New development in areas of opportunity, with limited supply of affordable housing.
Internal review and issuance of Letters of Interest (LOI) for eligible development proposals will occur every six weeks following the first notification of funding availability on January 25th. The first round of LOIs was issued on March 15th, with a second round also expected. June 30th.
In accordance with U.S. Treasury requirements, Flex Funds are payable by December 31, 2026. HFF allocations are provided as loans to affordable housing developers, including nonprofit and for-profit organizations. The interest rate on the loan is up to 5%.
Applicants are expected to use HFF funds in conjunction with other county, state, and federal affordable housing programs. County programs include land acquisition for new homes, the Housing Adoption Fund, the HOME Investment Partnership Program, tax-exempt financing, and tax exemptions and abatements from the Westchester County Industrial Development Authority.
Award of project funds is subject to approval by the Westchester County Planning Department and the Westchester County Procurement Contracts Commission. Awards will be determined in the sole and absolute discretion of Westchester County.
For more information about Westchester County’s Housing Flex Fund program, visit Housing Flex Fund at westchestergov.com.
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