LIHTC Preservation (Year 15) Program

LIHTC Preservation (Year 15) Program

The Low-Income Housing Tax Credit Portfolio Preservation (Year 15) Program ensures the future financial and physical viability and preserves the long-term affordability of Low Income Housing Tax Credit (“tax credit”) properties that are reaching or have reached the end of the initial tax credit compliance period.

Eligible Buildings

This program is for New York City or New York State LIHTC properties that have reached or are beyond the end of their initial tax credit compliance period. Owners may combine non-LIHTC properties with LIHTC properties within a project to improve operations and reduce the need for city subsidy.

Program Overview

The program works with the owner to evaluate the needs of each project and develop a strategy to address the project's financial and capital needs as part of the Year 15 tax credit investor exit review. Repositioning strategies may include extensions or modifications of existing mortgages, securing additional subsidy, new or extended property tax exemptions, and/or leveraging private debt. For more information on the program terms, see the following term sheets:

Resources

How to Apply

Complete the following application materials and submit to hpdyear15@hpd.nyc.gov

Our team will be in touch to further discuss the program and guide you through the application process.