About the Homes for Working Families Program

Homes for Working Families (HWF) was initiated by the Housing Trust Fund Corporation (HTFC) in 1997 as a demonstration program, utilizing tax-exempt bond financing and 4 percent as-of-right Low-Income Housing Credit with Housing Trust Fund monies, an innovative approach to financing affordable housing for low-income families and senior citizens.

In recent State budgets, HWF has received its own appropriation of funds and has become a distinct HTFC funding program.

Under the Homes for Working Families Program, HWF financing of up to $35,000 per HTFC-assisted unit ($45,000 in New York City) is provided to family or senior rental projects in which more than 50 percent of the project cost is financed by a public authority with tax-exempt bonds allocated from the State's Private Activity Bond Volume Cap. This enables the project to receive an allocation of 4 percent as-of-right Low-Income Housing Credit (LIHC) that is not included in the State's 9 percent tax credit ceiling.

Further, under this program 100 percent of HWF-assisted units must to meet LIHC rent restriction requirements providing units affordable to households at or below 60% of area median income. However, 20% of overall project units may be over affordable for households above 60% of area median income, though these units cannot be financed by HWF. The HTFC loan is generally provided in the form of a 30 year, 1 percent interest loan payable from 50 percent of available cash flow.

Eligibility Requirements and Funding Limitations

In addition to the program funding targets noted above, all eligibility requirements and funding limitations are subject to the requirements of the capital program providing financing. See the eligibility requirements and funding limitations in the sections for HTF and LIHC for additional information.

For more information, contact your DHCR Regional Office.