Status: Available
Type
Capital
Source
New York City
Procurement Agency
NYC HPD
Summary
HPD 9% LIHTC is a major source of equity for the permanent financing of supportive housing development and is allocated competitively.
The application deadline for the 2021 round of credits was October 19, 2021.
Tenant Eligibility Criteria
Low-income households making up to 80% Area Median Income (AMI). Please see below for additional tenant income restrictions. HPD can also prioritize funding for certain populations (or other factors) as detailed in their Qualified Allocation Plan (QAP).
Eligible Applicants
Nonprofit or for-profit developers of affordable housing, including permanent supportive housing.
Owners must adhere to the income averaging policy:
- The income designations must average 60% AMI or less for the project.
- The designated levels may be only 20%, 30%, 40%, 50%, 60%, 70% and/or 80% of AMI.
- At least 25% or more of the total units must be rent restricted and occupied by households at or below the limitation designated for a particular unit.
Applicants can read the complete income averaging policy here.
Amount
HPD allocated a total of $15.6 million for tax credit year 2021. HPD's awards ranged from $702,000 to $2,507,544.
Term
Owners of 9% projects must enter into a minimum 30-year regulatory agreement with HPD.
Network Notes
- 9% LIHTC is a major source of equity for the permanent financing of supportive housing development. The Low Income Housing Tax Credit (LIHTC) allocation is the annual amount of tax credits that investors receive (for 10 years) in exchange for upfront equity.
- 9% tax credits have extensive threshold criteria. For the 2021 criteria, see the Qualified Allocation Plan (QAP) here.
- Anyone who is eligible can apply for HPD's tax credits, but the most competitive supportive housing projects are those that have received a subsidy commitment from HPD and are shovel-ready.
- HPD's Division of Special Needs Housing typically maintains a long pipeline of supportive housing projects and assists those projects in applying for tax credits. The LIHTC application process is extremely competitive.
Contact
- Developers seeking eligibility information should contact: Christina Duran, Executive Director of LIHTC Allocations - (212) 863-5184
- Developers seeking compliance information should contact: Peter Donohue, Director of LIHTC Compliance - (212) 863-7371
- For supportive housing specific questions, contact: Ross Karp, Deputy Director, Supportive Housing Loan Program - (212) 863-8009
Last updated: 10/04/2022