SLIHC provides a dollar-for-dollar state tax reduction for investors in qualified low-income housing.
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.
The property must remain in service for 15 years, after which the corporation formed may seek refinancing and/or transfer the project to the nonprofit partner/developer.
- 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 2018 Unified Funding RFP here.
Open Window RFP Contact:
New York State Homes and Community Renewal
Unified Funding RFP Contacts:
Capital District Regional Office
Hampton Plaza, 6thFloor
38-40 State Street
Albany, New York, 12207
Darren Scott, Upstate Development Director East: (518) 485-7608
New York City Regional Office
25 Beaver Street, 7th Floor 64
New York, NY 10004, (212) 480-4543
Buffalo Regional Office
Electric Building, Suite 105
535 Washington Avenue
Buffalo, New York 14203
Leonard Skrill, Upstate Director of Development: (716) 847-3926
Syracuse Regional Office
620 Erie Boulevard West, Suite 312
Syracuse, New York 13204
Last updated: 08/27/2019