Low Income Housing Tax Credits

HPD allocates a portion of the State of New York's federal Low Income Housing Tax Credit allotment - both nine (9)% competitive credits and four (4)% "as-of-right" credits. The amount of HPD's authority is negotiated annually with the State. Typically, HPD allocates $12-14 million in credits per year to 20 or more projects creating approximately 1,000 low income units.

HPD awards Tax Credits to new construction or substantial rehabilitation projects in New York City where at least 20% of apartments are reserved for low-income households. HPD holds one annual funding round for the 9% credits, while it allocates the 4% credits throughout the year. The competitive 9% credits are awarded to developers based on selection criteria specified in the City's Qualified Allocation Plan (see below). Once tax credits are allocated to a project, the developer typically sells the credits to corporate investors who supply private equity to cover a portion of development costs. The investors often participate through pooled equity funds raised by syndicators such as the New York Equity Fund, the Enterprise Social Investment Corporation, and others. The investors receive credits that reduce their corporate federal income tax bills for ten years.

 

Contact Info:

  • Developers seeking eligibility information should contact Christina Duran, Executive Director of LIHTC Allocations: (212) 863-5184
  • Developers seeking compliance information should contact John Cullinan, Director of HOME and LIHTC Compliance: (212) 863-7371

Allocation Documents

HOME and/or LIHTC Compliance Documents

Tenant Certificate of Income:

 Physical Inspection Failures

 Federal Government Guidance

Credits Awarded by HPD