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NYS HFA 4% Low Income Housing Tax Credits

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Status: Available

Type

Capital

Source

State

Procurement Agency

NYS HCR

Summary

HFA 4% Low-Income Housing Tax Credits (LIHTC) are source of equity for affordable housing projects across New York State. These federal LIHTC are available “as-of-right” when paired with tax-exempt bond financing. HFA expects to fund the first mortgage loans for qualifying projects through the sale of new money tax-exempt private activity bonds. Eligible uses include new construction and preservation.

Tenant Eligibility Criteria


• Projects must meet Bond/LIHTC low-income set aside requirements:

• Projects must have at least 50% of all the units in the development set aside for households earning less than 60% of AMI (LIHTC units), inclusive of the Bond/LIHTC set aside.

Eligible Applicants

Nonprofit or for-profit developers are eligible for financing.

Amount

While there is no cap on the amount requested, per-unit costs must be in line with typical local rate structure. 

Term

Expected permanent term of 30 years for first mortgages. 

Network Notes

For More Information

The HFA 4% LIHTC and bond financing term sheet is available here.

More on the 4% program can be found here

Contact

MultifamilyFinance@nyshcr.org 

Mailing Address:
New York State Homes and Community Renewal 
641 Lexington Avenue, 4th Floor
New York, NY 10022

Last updated: 11/04/2022

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