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NYS HCR 9% Low-Income Housing Tax Credits

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Status: Available

Type

Capital

Source

Federal

Procurement Agency

NYS HCR

Summary

HCR 9% Low-Income Housing Tax Credits (LIHTC) are competitively allocated to affordable housing projects across NYS.  Eligible uses are for residential only or residential with Community Service Facility; new construction, building acquisition with rehabilitation, and rehabilitation including adaptive reuse of non-residential property

Tenant Eligibility Criteria

Low-income households earning up to 60% AMI (80% AMI for projects with LIHTC income averaging). Must meet one of the following requirements:

  1. 20% of the units must be set-aside for household earning up to 50% AMI;
  2. 40% of the units must be set-aside for households earning up to 60% AMI; or
  3. 25% of the units must be set-aside for household earning up to 60% AMI where allowable under the IRC (i.e. NYC only); or
  4. Projects proposing income averaging must meet the following parameters:

Per the state's Qualified Allocation Plan (QAP), there are scoring incentives for projects serving tenants that have special needs such as homelessness, mental illness, substance abuse, domestic violence, and physical disabilities.

Eligible Applicants

Nonprofit and for-profit developers are eligible to apply. 

Amount

Per project maximum award:

Per unit maximum award:

Term

HCR requres a minimum 50-year regulatory agreement.

Network Notes

For More Information

Read the Fall 2020 HCR Multifamily Finance (9%) RFP here. 

Contact

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: 11/20/2020

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