Menu
  • |
Search
  • Type (show only selected)
  • Source (show only selected)
  • Procurement Agency (show only selected)
  • Status (show only selected)

4% Low Income Housing Tax Credits (NYS HFA)

Status

Available

Type

Capital

Source

State

Procurement Agency

NYS HCR

Total Annual Award

Because 4% Low Income Housing Tax Credits (LIHTC) are as of right and the state bond volume cap is high, this is a deep pool of funding, with over $900 million available on an annual basis.

Tenant Eligibility Criteria

4% credits are only available for units up to 60% of the area median income (AMI). It is expected that in 2019 NYS HFA will allow projects to include units up to 80% AMI, if a project is utilizing income averaging.

May serve any low income sub-population.

Eligible Applicants

Housing projects with 100+ units.

Funding Award Details

Within New York State Homes and Community Renewal (HCR), the Housing Finance Agency (HFA) is authorized to allocate 4% LIHTC to projects financed by Private Activity Bonds issued by other State agencies such as Industrial Development Agencies and Public Housing Authorities and maintains a separate application process for projects which only require the allocation of 4% LIHTC.

4% credits are available year-round in conjunction with the Multifamily Open Window application process.

There are no per-unit limits on the 4% “as of right” credits and the state bonding authority is only limited by a bond volume cap.

Credits may only be used in conjunction with bond financing or conventional financing.

Amount Details

4% LIHTC generate lower amounts of equity than 9% LIHTC.

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

Term

Minimum 15 year regulatory agreement. 

Network Notes

4% LIHTC may not be blended with 9% LIHTC.

HFA has assumed a major role in supportive housing development in 2016. Office of Mental Health (OMH) capital and Medicaid Redesign Team (MRT) funding have been folded into HFA's portfolio.  HFA matches 4% LIHTC with its Supportive Housing Opportunity Program to develop supportive housing projects.

NYC developers can also access 4% LIHTC through the New York City Housing Development Corporation (HDC).

For More Information

Read more about 4% LIHTC on HFA's website.

Read the 2018 Multifamily Open Window RFP here.

Leora Jontef

Vice President, Multifamily Finance - New Construction

New York State Homes and Community Renewal

(212) 872-0537

leora.jontef@nyshcr.org 

Last updated: 08/10/2018

« Return to Funding Guide Listings