9% Low-Income Housing Tax Credits (NYS HCR)

Type

Capital

Source

Federal

Procurement Agency

New York State Homes and Community Renewal (HCR)

Total Annual Award

$25,991,940 in 2010 for 28 affordable housing projects.

Eligible Populations

Low-income individuals and families. As per the state's Qualified Allocation Plan (QAP), there are scoring incentives for projects in which 15% or more of all tenants have special needs such as homelessness, mental illness, substance abuse, domestic violence and physical disabilities.

Eligible Projects

Low-income housing including permanent supportive housing in which either:

1. 20% of the units are occupied by households at or below 50% of the area median income (AMI) or
2. 40% of the units are occupied by households with incomes at or below 60% of the AMI.

Tax credits may only be used for the portion of the project that involves the low-income residential space.

Funding Award Details

Applications are made available annually in November through HCR's Unified Funding Process and are typically due in February. The 2011 awards have not yet been announced.

In 2010 HCR implemented an early round process, open to projects ready to go into construction within 120 days of the award. These applications were due one month before the rest of the UFA proposals.

Rate Details

The 2010 awards ranged from $392,966 to $1,457,143.

Term of Service/Length of Grant

The project must remain in service for 15 years.

Limitations

The amount of the requested annual credit allocation may not exceed $20,000 per unit or the maximum amount specified in the grant announcement.

Threshold requirements include: 

1. Site control
2. Local government approval
3. Consistency with the local Department of Housing and Urban Development-required Consolidated Plan
4. Reasonable steps have been taken to address local government concerns
5. An applicant who has successfully developed projects of similar size and scope and has the capacity to begin, complete and operate the project
6. A developer, manager and owner with no outstanding IRS or other compliance issues
7. A market study demonstrating that the project meets an existing and identified need and can be readily absorbed by the existing local need
8. Must not adversely impact the occupancy rates of other publicly-assisted housing in the area
9. Existing tenants must not be displaced involuntarily
10. The size of the units must be appropriate
11. If a project includes the rehabilitation of an occupied setting, acquisition costs may not exceed 25% of the total development costs.

Network Notes

Special supportive housing set-aside: Projects with a strong social service component and more than 30% of units set aside for tenants with special needs may qualify for the supportive housing set-aside. HCR's Qualified Allocation Plan sets a minimum of $2 million in credit for these supportive housing projects annually. Supportive housing set-aside projects are twice as likely to be funded as non set-aside projects, based on information from the 2010 awards. Low income housing tax credits are applied for in HCRs Unified Funding Round along with Housing Trust Fund, State Low Income Housing Tax Credits HOME, the Rural Area Revitalization Program (RARP) and Urban Initiatives. These funds may be layered to complete the funding package, making the project viable.

 

For More Information

See HCR's Unified Funding Materials for 2011.

Contact

	Capital District Regional Office Arnon Adler Capital Region contact person Hampton Plaza 38-40 State St., 2nd Floor Albany, NY 12207 Phone: 518-486-5012 Counties Served: Albany, Clinton, Columbia, Delaware, Dutchess, Essex, Fulton, Greene, Hamilton, Montgomery, Orange, Otsego, Putnam, Rensselaer, Saratoga, Schenectady, Schoharie, Sullivan, Ulster, Warren and Washington.		New York City Regional Office Greg Watson Regional Director 25 Beaver St. New York, New York 10004 Phone: 212-480-7644 Fax: 212-480-7164 Counties Served: Bronx, Kings, New York, Queens, Richmond, Nassau, Suffolk, Rockland and Westchester.
	Buffalo Regional Office Thomas Van Nortwick Regional Director Electric Tower, Suite 105 535 Washington Street Buffalo, NY 14203 Phone: 716-847-7955 Fax: 716-847-3244 Counties Served: Allegany, Cattaraugus, Chautauqua, Chemung, Erie, Genesee, Livingston, Monroe, Niagara, Ontario, Orleans, Schuyler, Seneca, Steuben, Wayne, Wyoming and Yates.		Syracuse Regional Office Daniel Buyer Regional Director 620 Erie Blvd. West, Suite 312 Syracuse, NY 13204 Phone: 315-478-7179 Fax: 315-478-7188 Counties Served: Broome, Cayuga, Chenango, Cortland, Franklin, Herkimer, Jefferson, Lewis, Madison, Oneida, Onondaga, Oswego, St. Lawrence, Tioga and Tompkins.

 

Last updated: 09/22/2011

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