| overview | |
|---|---|
| Formed | 1985 |
| Jurisdiction | New York (state) |
| Headquarters | 641 Lexington Avenue, New York City, New York, U.S. |
| Parent | New York State Housing Finance Agency; New York State Homes and Community Renewal |
| Key document |
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| Website | hcr |
The New York State Affordable Housing Corporation (AHC) is a New York State public-benefit corporation and a subsidiary of the New York State Housing Finance Agency (HFA). It was created in 1985 under the state Private Housing Finance Law to administer the New York State Affordable Home Ownership Development Program, a state-funded grant program that promotes homeownership among low- and moderate-income households by subsidizing the construction, acquisition, and rehabilitation of owner-occupied housing across New York State. [1] [2] [3]
AHC was established in 1985 under the Private Housing Finance Law as part of state legislation that also created the New York State Housing Trust Fund Corporation and the New York State Affordable Home Ownership Development Program. [1] The statute authorizes the corporation to provide financial assistance, in conjunction with other public and private investments, for the acquisition, construction, rehabilitation and improvement of owner-occupied housing for low- and moderate-income households. [4]
AHC is organized as a public-benefit corporation of the State of New York and is a subsidiary of the New York State Housing Finance Agency, but it is reported as a component unit in the State's financial statements rather than in HFA's consolidated statements. [4] The chair and members of the HFA board also serve as the members of AHC's board, and AHC shares offices, administrative staff, and budgeting processes with HFA and related housing finance entities under New York State Homes and Community Renewal (HCR). [5]
The principal program administered by AHC is the Affordable Home Ownership Development Program (AHOD Program). The program provides grants to eligible sponsors—municipalities, municipal housing authorities, housing development fund companies, and not-for-profit or charitable organizations whose primary purpose includes affordable housing or home improvement—to subsidize the cost of creating or improving owner-occupied housing. [2] [6]
Eligible activities include three main project types: [7]
Grants are made to the sponsoring organizations, which are responsible for verifying that individual homebuyers or homeowners meet income and other eligibility requirements. AHC does not award funds directly to individual households. [2] Maximum grant amounts per unit and income limits are set by program regulations and funding notices; as of the mid-2020s, grants could reach up to US$75,000 per unit in projects that meet depth-of-affordability and duration requirements, with targeted incomes generally between 100% and 166% of HUD low-income limits, depending on project structure and region. [2] [7]
The program operates statewide, with active grantees in each of New York's ten economic regions, including New York City, Long Island, the Mid-Hudson region, and upstate metropolitan and rural areas. [2]
In addition to its core homeownership grants, AHC has administered targeted initiatives authorized by state appropriations. These include the Lake Ontario Homeowner Recovery Assistance Program, created after 2017 flooding along Lake Ontario and the St. Lawrence River, and the Buffalo Emergency Home Improvement Program (BEHIP) for emergency repairs in distressed neighborhoods on the east side of Buffalo. [3]
According to AHC's 2024 financial statements, by the end of fiscal year 2024 more than US$95 million in combined state and repayment funds had been set aside or expended for the Lake Ontario flood recovery program, and dedicated funds had been allocated for BEHIP grants administered through local partners in Buffalo. [3]
AHC is funded primarily through annual appropriations from the New York State Legislature, which are made available to the corporation to award as housing grants. It also receives repayments and recaptured funds from prior grants, as well as investment income on temporarily held cash balances. [4] [3]
For the fiscal year ended March 31, 2024, AHC reported that the State appropriated approximately US$40.5 million for its programs. Using current and prior-year appropriations together with repayments and recaptured funds, the corporation approved awards totalling US$45.4 million to create or renovate 1,435 units of affordable owner-occupied housing across all ten economic regions of New York State. [3]
Administrative services—including staff, finance, procurement, and internal audit—are provided under a shared-services arrangement with HFA and related entities. Most administrative expenses are budgeted and processed through HFA's operating fund and then allocated among the agencies, including AHC, according to staff time and program activity. [5] [4] AHC's operating expenses consist mainly of housing grant disbursements, special program expenditures, and a share of administrative costs. [4]
As a state public-benefit corporation and component unit, AHC is subject to financial statement audits and performance audits by external auditors and by the New York State Office of the State Comptroller. Its annual financial statements are audited by independent public accountants in accordance with U.S. generally accepted accounting principles and Government Auditing Standards . [3]
In 2009 the State Comptroller issued an audit titled Homebuyer Selection and Approval (Report 2008-S-100), which examined a sample of Affordable Home Ownership Development Program grants to determine whether homebuyers met income and asset eligibility criteria. The audit found that while most recipients were eligible, some homebuyers who received grants did not meet program limits for liquid assets, and it recommended enhanced oversight, better documentation, and additional guidance to local grant managers. [8]
A 2011 follow-up review by the Comptroller (Report 2011-F-13) reported that AHC had made progress in addressing the findings of the 2009 audit, including strengthening its review of grant files and providing additional training to grantees. [9]
In 2014, the Comptroller issued a further performance audit of the Affordable Home Ownership Development Program, focusing on grants in the New York City metropolitan area. The audit concluded that most of the program recipients reviewed met income and asset requirements but identified a small number of cases where recipients exceeded liquid asset limits or where documentation was insufficient to determine eligibility, and it recommended clearer guidance and ongoing monitoring of local grant managers. [10]
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