Status: Available
Type
Capital
Source
State
Procurement Agency
NYS HCR
Summary
State Low-Income Housing Tax Credit Program (SLIHC) is available through both the Multifamily Finance 9% LIHTC and Multifamily Finance 4% programs. It provides a dollar-for-dollar state tax reduction for investors in qualified low-income housing. Eligible uses are new construction of or the adaptive reuse of non-residential property to, affordable housing, or substantial rehabilitation or moderate rehabilitation of site-specific multifamily rental housing. Eligible costs are for site acquisition, hard costs, and related soft costs.
Tenant Eligibility Criteria
If coupled with LIHTC, at least 40% of units must be set-aside for households with incomes up to 90% AMI, or otherwise utilize one of the minimum set-asides cited in the 9% LIHTC term sheets. On an annual basis, $5,000,000 in SLIHC will be made available and prioritized for mixed-income projects outside of New York City that utilize SLIHC as its sole source of HCR financing and elect to provide at least 20% of units targeted to households with incomes up to 50% AMI.
Eligible Applicants
Nonprofit or for-profit developers are eligible to apply.
Amount
Per Project Maximum Award:
Up to $750,000 for projects with at least 10% of units targeted to households with an income limit above 60% AMI; otherwise up to $500,000.
Term
The property must remain in service for 30 years, or longer if the LIHTC period is extended.
Network Notes
- Per the Fall 2024 HCR Multifamily Finance 9% LIHTC RFP, the anticipated funding for this program is $12 million.
- Typically, developers receive $0.65 to $0.70 for every $1 of tax credits that they sell. Tax credits have a 10-year lifecycle. For example, a $500,000 SLIHC award thus equals $2.25 million in state income tax savings over ten years. It is increasingly used as gap filler, and allows mixed development projects that serve a higher income band.
- SLIHC may not be used for senior units above 60% AMI.
For More Information
See the Fall 2024 Multifamily 9% SLIHC term sheet here.
See the current SLIHC Multifamily 4% SLIHC term sheet here.
Contact
Multifamily Finance 4% LIHTC/Bond Contact:
New York State Homes and Community Renewal
(212) 872-0537
MulifamilyFinance@nyshcr.org
Multifamily Finance 9% LIHTC RFP Contacts:
Darren Scott, Upstate Director of Development East
(518) 795-5016
darren.scott@nyshcr.org
Counties Served: Albany, Clinton, Columbia, Dutchess, Essex, Franklin, Fulton, Greene, Hamilton, Herkimer, Jefferson, Lewis, Montgomery, Orange, Oneida, Otsego, Putnam, Rensselaer, Saratoga, Schenectady, Schoharie, St. Lawrence, Sullivan, Ulster, Warren and Washington.
Leonard Skrill, Upstate Director of Development West
(518) 461-6591
leonard.skrill@nyshcr.org
Counties Served: Allegany, Broome, Cattaraugus, Cayuga, Chautauqua, Chemung, Chenango, Cortland, Delaware, Erie, Genesee, Livingston, Madison, Monroe, Niagara, Onondaga, Ontario, Orleans, Oswego, Schuyler, Seneca, Steuben, Tioga, Tompkins, Wayne, Wyoming and Yates.
Ross Karp, Downstate Development Director
(212) 872-0395
Counties Served: Bronx, Kings, New York, Nassau, Queens, Richmond, Rockland , Suffolk, Westchester.
Last updated: 08/08/2024