New Review Process for Developers Seeking State Finance

The New York State Housing Finance Agency and the New York State Division of Housing and Community Renewal announced the creation of a coordinated application and review process for housing developers seeking financing assistance from the State.

Under the initiative, developers will be

able to use a joint application when applying for HFA financing and DHCR subsidies for a single project. In addition, the two agencies will share responsibility for reviewing applications in order to speed the decision-making process. The new application, now available at the DHCR Web site, can be printed from the site and submitted in hard copy to both agencies. An electronic version of the joint application, which will allow developers to file a single application on-line, is under development and will be available soon.

The initiative is consistent with Governor Spitzer's efforts to improve collaboration among State agencies.

"The joint application and review process will bring one-stop shopping to developers looking for State assistance in building affordable housing for New Yorkers," said Priscilla Almodovar, president and chief executive officer of HFA.

"Too often in the past, developers wasted valuable time filling out multiple applications for financing from different State agencies for the same project. Studies show that streamlined financing can save developers time and money, ultimately encouraging more affordable development."

"We reached out to our private sector partners to find out exactly how we could help them do their jobs more efficiently in order to create more affordable housing in New York State," Deborah VanAmerongen, Commissioner of DHCR, said. "The vast majority said the application process for financing was redundant, costly, and time-consuming. The changes we've made are good for business, good for affordable housing and good for all New Yorkers."

Developers will be able to use the streamlined application when seeking financing for a single project utilizing HFA loan financing and DHCR's Homes for Working Families Program. The Homes for Working Families Program offers subsidies from the State's Housing Trust Fund. The joint application will be available on the DHCR Web site.