Homes for Working Families (HWF)

Homes for Working Families (HWF) may be used for high priority projects to supplement maximum awards under the New Construction Program (NCP). Projects may apply for HWF funding only in conjunction with this funding if subsidy above the per residential unit maximum is needed. HWF may only be used for projects that are financed by New York State Housing Finance Agency (HFA) tax-exempt bonds. The maximum HWF award is $125,000 per housing unit and up to $4 million per project. Up to $2.5 million may be awarded to projects in NYC.

HWF was originally 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 (LIHTC) with Housing Trust Fund resources, an innovative approach to financing affordable housing for low-income families and senior citizens.

Program Information

• Scale: Small Scale (between 1 and 999 units)
• Timeframe: 1997 - Present
• Occupancy Tenure: Rental
• Construction Type: New Construction, Rehabilitation
• Building Type: Multi-family, One- to Four-family
• Developer/Owners: Non-profit, For-profit
• Income: Units must be affordable to households with an annual income of up to 60 percent of Area Median Income (AMI).

More Resources

Parent Program: New Construction Program