NYS HFA 4% Low Income Housing Tax Credits

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Status: Available

Summary

HFA 4% Tax Credits are source of equity for affordable housing projects across NYS.

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

Nonprofit or for-profit developers are eligible for funding. Priority is given to nonprofit-developed project applications and to applications that propose projects that utilize state or city-owned land.

Amount

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

Term

Length of regulatory agreement varies based on the program used. The New Construction Program (NCP) requires a 30 year regulatory period, while the Supportive Housing Opportunity Program (SHOP) requires a 40-year regulatory period.

Network Notes

• 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.
• HFA matches 4% LIHTC with its Supportive Housing Opportunity Program to develop supportive housing projects.
• 4% LIHTC may not be blended with 9% LIHTC.
• Office of Mental Health (OMH) capital and Medicaid Redesign Team (MRT) funding have been folded into HFA's portfolio. Developers can no longer access capital from OMH.
• NYC developers can also access 4% LIHTC through the New York City Housing Development Corporation (HDC).

Last updated: 11/20/2020

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