New York State Homes and Community Renewal (HCR) is New York State's affordable housing lender. Its mission is to expand affordable housing opportunities for low- and moderate-income New Yorkers. HCR consists of several state agencies and corporations: the
New York State Division of Housing and Community Renewal
The New York State Division of Housing and Community Renewal (DHCR) is an agency of the New York state government responsible for administering housing and community development programs to promote affordable housing, community revitalization, an ...
(DHCR), the
New York State Housing Finance Agency The New York State Housing Finance Agency (HFA) is a New York State public-benefit corporation created in 1960 to build and preserve affordable multifamily rental housing throughout New York State. HFA sells bonds and uses the proceeds to make mor ...
(HFA), the
State of New York Mortgage Agency The State of New York Mortgage Agency (SONYMA) is a New York State public-benefit corporation created in 1970 by the state government of New York to provide affordable homeownership to low- and moderate-income New Yorkers. It offers affordably pri ...
(SONYMA).
Together, HCR finances single-family residential mortgages, multifamily lending housing programs and mortgage insurance for both single-family and multifamily housing. It also provides grants to local governments and not-for-profit organizations to subsidize the construction of new housing and renovation of existing housing for eligible New Yorkers.
HFA and SONYMA are self-funded and do not rely on taxpayer funds. Both agencies issue tax-exempt
bonds to provide for their financing. AHC funds are appropriated as part of the State’s annual budget. Funds for SONYMA’s Mortgage Insurance Fund are generated from a portion of the state’s mortgage recording tax surcharge.
It was created from the merger of DHCR and Nyhomes on 22 September 2010.
See also
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State of New York Mortgage Agency (SONYMA)
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New York State Housing Finance Agency (HFA)
References
"Housing Agencies 'Merge'", ''The Bond Buyer'', June 15, 2009
External links
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State agencies of New York (state)
Public benefit corporations in New York (state)
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