Low Income Housing

Low Income Housing Tax Credit

Low Income Housing Tax Credit
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Overview

 

This page outlines the Low Income Housing Tax Credit program.  LIHTC is frequently used in conjunction with New York State Housing Finance Agency to finance qualified residential rental projects. The different sections below highlight and cover project types, fund issuing agencies and application.

Project Types

NYSHFA is one of three sub-allocating agencies in the State of New York. NYSHFA allocates Cap Credits from the State Annual Allocation Cap, and "as of right" credits generated through the use of proceeds of federally tax exempt private activity bonds issued by NYSHFA to finance qualified residential rental projects. The LIHTC application for projects financed by NYSHFA is included in the overall multifamily financing applications.

Multifamily Financing Applications
New York State has a variety of funding opportunities for the development of quality multifamily affordable housing throughout the State. Programs finance the creation and preservation of low-income, middle income and supportive housing.

Multifamily Funding Opportunities

  • Advisory to UF 2017 Low-Income Housing Credit Program Applicants
  • Multifamily Programs Unified Funding Request For Proposals
  • Notice Of Funding Availability (NOFA)

1. Each subsidy source is gap financing for new construction and preservation projects serving low income, middle income, special needs, senior populations, as well as existing buildings, public housing and Mitchell-Lamas.

2. Developers seeking bond financing and/or subsidy should follow the directions in the Financing and Underwriting Applications.

3. Certain subsidy sources require additional forms. 

Stand Alone As of Right

NYSHFA is authorized to allocate "as of right" credits to projects financed by Private Activity Bonds issued by other State agencies such as Industrial Development Agencies and Public Housing Authorities and maintains a separate application process for projects which only require the allocation of 4%, "As of Right" LIHTC. Such allocations are made in accordance with the Agency's QAP and any project receiving an allocation of LIHTC from the Agency will be subject to NYSHFA's LIHTC project monitoring program as described in the QAP.

Applications for "As of Right" LIHTC may be made throughout the year.

Pursuant to §2188.4(j)(3) and §2188.7(c)(3) of the QAP, NYSHFA may charge reasonable application, allocation and monitoring fees to projects which do not receive financing from the Agency and which receive LIHTC from NYSHFA. While it develops experience with the credit allocation process for projects that do not receive NYSHFA debt financing, the Agency plans to charge an application fee of $2,000, due at the time of application. A credit allocation fee of three percent (3%) of the first year credit allocation amount is due when a project requests the issuance of Form or Forms 8609 evidencing the final credit allocation. Not-for-profit applicants (or their wholly owned subsidiaries) which will be the sole general partner of the partnership/project owner or sole managing member of the limited liability company/project owner may request and be approved to defer payment of the application fee until the time of issuance of the final credit allocation. Annual monitoring fees will be set at one percent (1%) of the maximum restricted rents for the low income units with a minimum annual monitoring fee of $10,000.

These fees are subject to revision by the Agency without prior notice and will be adjusted, if necessary, to reflect the cost to the Agency of the application, allocation and monitoring processes.

Unified Funding Materials LIHTC

 

NOCAs, NOFAs and RFPs

Certification Forms

Mandatory Cost Certification Forms and Opinion Letters Required for Issuance of LIHC Forms 8609 and SLIHC DTF Form 625 for All Projects with “Costs as of” Dates on or after March 1, 2013.

HCR has adopted the Cost Certification Forms below to document the eligible and qualified basis for all HCR Tax Credit Programs. The appropriate forms and opinion letters must be used for “9%” LIHC and SLIHC processed at the Hampton Plaza office along with “As of Right” LIHC and SLIHC processed at the 641 Lexington Avenue office.

All of the Cost Certification Forms are Excel 93-2007 templates.  All worksheets are protected without any password.  If protection is removed from any sheet, additional rows or columns can be added to meet any project’s specific needs.  In the multiple Buildings templates, worksheets can also be copied where needed to add buildings.

Stand Alone LIHC/SLIHC Projects

New construction

Single Building

Multiple Building

Acquisition rehab

Single Building

Multiple Building


HTF/HOME Funded Projects with or without LIHC/SLIHC

New construction

Single Building

Multiple Building

Acquisition rehab

Single Building

Multiple Building

Opinion Letters are based on the National Council of State Housing Agencies Model Cost Certification Opinion Letter.  They are available for download below in Word 97-2003 format.

Cost Certification for Private Activity Bond 4% or “As of Right” Projects

Cost Certification for Allocated Credit 9% Projects