Saturday, September 23

HCR October NOFA / Funding

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NYS has issued a Notice of Available Funding with an October 31, 2011 deadline.  This includes an allocation for affordable housing that will now be part of the recently established NYS Consolidated Funding Application (CFA) being put forth by the Ten Statewide Economic Development Councils.  As of 9/15, the HCR web site had links to the requirements for the funding – see here and here.  Also, there is some information available about the CFA process on the links to the Economic Development councils, found here.
 
GAR Associates, like all industry participants, is going through the learning curve related to allocation rules, functions and requirements related to this new process. We have and continue to speak with HCR representatives, and active industry stakeholders and participants as all try to work thru the new approaches to funding.  Some of the requirements are beginning to become clearer and the availability of funding seems to be in the process of being set/firmly established, although as of Friday, September 16, there were still many unknows.
 
We are gearing up for some applications to be submitted; potentially previous February 2011 projects that applied as well as new developments/projects with no previous applications submitted.  If you are interested in a market study for the 10/31 funding, please contact Scott Allen at 716-691-7100, ext. 3019 / sallen@garappraisal.com or Sue Stockmeyer at 716-691-7100, 3073 / sstockmeyer@garappraisal.com as as soon as possible as our schedules for this very short window are getting full. 
 
Meanwhile, we will and recommend that others review the web sites daily and contact actively involved government and business participants so that we all remain on the same page about how the new process is coming together.

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