New York City
HPD 9% LIHTC is a major source of equity for the permanent financing of supportive housing development and is allocated competitively.
Tenant Eligibility Criteria
Low-income households making up to 60% Area Median Income (AMI). Additionally, HPD can prioritize funding for certain populations (or other factors) in their Qualified Allocation Plan (QAP).
Nonprofit or for-profit developers of affordable housing, including permanent supportive housing in which either:
- At least 20% of the units are occupied by households at or below 50% of the area median income (AMI) or
- At least 25% of the units are occupied by households with incomes at or below 60% of the AMI.
HPD allocated a total of $18.1 million for tax credit year 2018. HPD's awards ranged from $402,954 to $3,297,000.
Owners of 9% projects must enter into a minimum 30-year regulatory agreement with HPD.
- 9% LIHTC is a major source of equity for the permanent financing of supportive housing development. The Low Income Housing Tax Credit (LIHTC) allocation is the annual amount of tax credits that investors receive (for 10 years) in exchange for upfront equity.
- 9% tax credits have extensive threshold criteria. For the 2019 criteria, see the draft Qualified Allocation Plan (QAP) here.
- Anyone who is eligible can apply for HPD's tax credits, but the most competitive supportive housing projects are those that have received a subsidy commitment from HPD and are shovel-ready.
- HPD's Division of Special Needs Housing typically maintains a long pipeline of supportive housing projects and assists those projects in applying for tax credits. The LIHTC application process is extremely competitive.
For More Information
See HPD's website.
- Developers seeking eligibility information should contact: Christina Duran, Director of LIHTC Allocations - (212) 863-5184
- Developers seeking compliance information should contact: Peter Donohue, Director of LIHTC Compliance - (212) 863-7371
- For supportive housing specific questions, contact: Theresa Cassano, Director, Supportive Housing Loan Program - (212) 863-8009
Last updated: 08/26/2019