State Low-Income Housing Tax Credit Program (SLIHC) is available through both the Multifamily Finance (9%) and Open Window (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
At least 40% of total units must be for households with income up to 90% AMI.
Nonprofit or for-profit developers are eligible to apply.
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.
Per Residential Unit Maximum Award: Up to $20,000 per housing unit with a household income up to 90% AMI. (In Open Window (4%) projects only)
The property must remain in service for 30 years, or longer if the LIHTC period is extended.
SLIHC is awarded as part of the HCR Open Window Multifamily RFP and also competitively in the HCR Unified Funding Round.
Federal LIHTC funding is often used in conjunction with SLIHC.
Typically, developers receive $0.45 to $0.50 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.
No more than $1.75 million may be awarded in any one geographic region. Awards will promote statewide geographic distribution of financing.
SLIHC may not be used for senior units above 60% AMI.
For More Information
Read the 2018 Multifamily Open Window RFP here.
Read the 2019 HCR Multifamily Finance (9%) RFP here.
Open Window RFP Contact:
New York State Homes and Community Renewal
Multifamily Finance (9%) RFP Contacts:
Eastern New York Regional Office
Hampton Plaza, 38-40 State Street, 6th Floor
Albany, New York, 12207
Darren Scott, Upstate Development Director East: (518) 485-7608
New York City and Long Island Regional Office
25 Beaver Street, 7th Floor
New York, NY 10004
Maria Kolaitis, Downstate Director of Development: (212) 872-0506
Western & Central New York Regional Office
535 Washington Avenue, Suite 105
Buffalo, New York 14203
Leonard Skrill, Upstate Development Director (West): (716) 847-3926
Last updated: 10/16/2019