Housing Central New York Fund
About the Fund
The Community Preservation Corporation (CPC) is administering the Housing Central New York (HCNY) Fund, a $150,000,000 initiative to provide subordinate debt financing to qualified developers with mixed-income rental and for-sale housing projects in the Central New York region. CPC was chosen via a competitive request for proposal process to administer the HCNY Fund, in partnership with Empire State Development (ESD) and CenterState Corporation for Economic Opportunity (CenterState). The fund was created by ESD and CenterState to address the growing housing demand in the CNY region in response to Micron Technology’s unprecedented investment.
Micron, the nation’s largest memory chip manufacturer, is investing up to $100 billion to construct the largest semiconductor complex in U.S. history in the Town of Clay, located in Onondaga County just north of Syracuse. This investment is expected to create tens of thousands of new jobs throughout upstate New York and generate demand for an estimated 30,000 new homes over roughly the next 15 years. This is an historic opportunity to meet the moment and ensure that the region’s housing market can grow strategically, sustainably, and equitably while providing ample housing opportunities and creating vibrant communities.
Participating Funders
The HCNY Fund is a joint initiative of ESD and CenterState, with CPC as program administrator. To help capitalize the fund, ESD is contributing $30 million of grant seed capital, with private capital contributions making up the remaining $120 million of the HCNY Fund, including commitments from CPC and CenterState. Other financial institutions that have committed capital to financing the HCNY Fund include Micron Technology, Canandaigua National Bank & Trust Company, Community Bank, M&T Bank, NBT Bank, KeyBank, Pathfinder Bank, and Broadview Federal Credit Union.
Program Eligibility
The HCNY Fund provides low-cost subordinate debt financing to support the development of mixed-income rental and attainable for-sale homes in Cayuga, Cortland, Madison, Onondaga, Oswego, and Oneida counties. The program will consider applications whose projects meet its eligibility criteria, and priority will be given to projects that:
- Are located in a Pro-Housing certified community.
- Include a minimum percentage of affordable units.
- Promote density-focused development.
Before beginning your application, please download and review the program Term Sheet for full details including eligibility criteria.
Term Sheet – For Sale Construction
Term Sheet – Rental Construction
HCNY FAQs
Apply Now
Submit your application below. Applications will be accepted on a rolling basis.
Register here to receive information about the HCNY Fund including future informational webinars and other updates.
CPC in Central New York
With our regional office located in Syracuse, CPC has been an active investor in affordable and workforce housing development and preservation throughout Central New York. Since 1995, we have provided more than $1 billion in construction and permanent financing alongside our public and private partners to fund over 17,000 units of workforce and affordable housing in the region.
CPC has a 50-year history of creating meaningful impact in neighborhoods, using our expertise in multifamily finance and public policy to meet the unique housing needs of communities large and small. Founded in 1974 to combat blight and abandonment in New York City, CPC has evolved into a leading mission-driven capital provider, addressing today’s national housing supply and affordability crisis. Since our founding, CPC has invested over $16 billion to finance the creation and preservation of more than 276,000 units of housing. We provide a full suite of construction, permanent, and bridge lending products, and are an equity investor with more than 4,500 affordable units under ownership.
Contact Us
For questions regarding the terms and parameters of the HCNY Fund, please contact:
Nicholas V. Petragnani, Jr.
Senior Vice President, Lending and Initiatives
[email protected]
Josh Westerman
Assistant Vice President, Lending and Initiatives
[email protected]