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
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:
In 4% LIHTC/bond projects: 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.
In 9% LIHTC projects: Up to $500,000.
The property must remain in service for 30 years, or longer if the LIHTC period is extended.
- Per the Fall 2022 HCR Multifamily Finance 9% LIHTC RFP, the anticipated funding for this program is $4 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 2022 Multifamily 9% SLIHC term sheet here.
See the current SLIHC Multifamily 4% SLIHC term sheet here.
Multifamily Finance 4% LIHTC/Bond Contact:
New York State Homes and Community Renewal
Multifamily Finance 9% LIHTC RFP Contacts:
Darren Scott, Upstate Director of Development East
Counties Served: Albany, Clinton, Columbia, Dutchess, Essex, Franklin, Fulton, Greene, Hamilton, Herkimer, Jefferson, Lewis, Montgomery, Orange, Oneida, Otsego, Putnam, Rensselaer, Rockland, Saratoga, Schenectady, Schoharie, St. Lawrence, Sullivan, Ulster, Warren, Washington, and Westchester
Leonard Skrill, Upstate Director of Development West and Downstate
Counties Served: Allegany, Bronx, Broome, Cattaraugus, Cayuga, Chautauqua, Chemung, Chenango, Cortland, Delaware, Erie, Genesee, Kings, Livingston, Madison, Monroe, Nassau, New York, Niagara, Onondaga, Ontario, Orleans, Oswego, Queens, Richmond, Schuyler, Seneca, Steuben, Suffolk, Tioga, Tompkins, Wayne, Wyoming and Yates.
Last updated: 11/03/2022