Menu
Search
  • Type (show only selected)
  • Source (show only selected)
  • Procurement Agency (show only selected)
  • Status (show only selected)

9% Low-Income Housing Tax Credits (HPD)

Status

Closed

Type

Capital

Source

New York City

Procurement Agency

NYC HPD

Total Annual Award

HPD allocated a total of $14.5 million for tax credit year 2017.

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).  

The 2018 NOFA indicates a 40% set-aside of credits for supportive housing projects.

Eligible Applicants

Low-income housing including permanent supportive housing in which either:

  1. 20% of the units are occupied by households at or below 50% of the area median income (AMI) or
  2. 40% of the units are occupied by households with incomes at or below 60% of the AMI.

Tax credits may only be used for the portion of the project that involves the low-income residential space. 

Funding Award Details

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.

As a tax credit program, LIHTCs are allocated in accordance with Internal Revenue Service (IRS) rules. These rules require that local housing credit agencies (in this case HPD) make their awards in accordance to a Qualified Allocation Plan (QAP). The QAP must provide an opportunity for public comment before the mayor can adopt it. The plan provides the threshold criteria for projects as well as the scoring criteria based on the agency's priorities.

Amount Details

For tax credit year 2017, HPD's awards ranged from $750,000 to $2,583,500. 

Term

The project must remain in service for 15 years.

Network Notes

LIHTCs have extensive threshold criteria. For the 2017 criteria, see 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: 03/29/2019

« Return to Funding Guide Listings