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NY State Low-Income Housing Tax Credit Program (SLIHC)

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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%) 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.

Eligible Applicants

Nonprofit or for-profit developers are eligible to apply.

Amount

Per Project Maximum Award: 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)

Term

The property must remain in service for 40 years, or longer if the LIHTC period is extended.

Network Notes

For More Information

See the 2022 SLIHC term sheet here.

Contact

Open Window RFP Contact:

New York State Homes and Community Renewal
(212) 872-0537

MulifamilyFinance@nyshcr.org 

 

Multifamily Finance (9%) RFP Contacts:

Darren Scott, Upstate Director of Development East
(518) 795-5016
darren.scott@nyshcr.org

Leonard Skrill, Upstate Director of Development West
(518) 461-6591
leonard.skrill@nyshcr.org

Ayanna Wayner, Downstate Director of Development
(212) 872-0506
ayanna.wayner@nyshcr.org

Last updated: 02/27/2022

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