The Credit promotes private sector involvement in the retention and production of rental housing for low-income households. The Credit program provides a dollar-for-dollar reduction in federal income tax liability for project owners who develop, rehabilitate and acquire rental housing that serves low-income households.  Many projects receiving an allocation of Credit also utilize another governmental subsidy as part of their project financing.  Project owners utilize Credit allocations as "gap fillers" in their development and/or operating budgets. The Credit is turned into equity to fill the project "gaps" through the sale of the project to a syndicated pool of investors. Article 2-A of the Private Housing Law provides that the State Low-Income Housing Credit Program (SLIHC) be administered in the same manner as the Federal Low-Income Housing Credit Program (LIHC).
 
 

Funding Category:	Acquisition, Development, Rehabilitation for Rental Units
Target Population:	Low-income renters
Funding Available:	DHCR expects to have approximately $25.0 million available for credit reservations under UF2002. The maximum amount of annual Credit allocation per application that may be requested is $1.8 million. Of the $25 million, up to $2 million may be made available for preservation projects as defined by DHCR’s Low-Income Housing Credit Qualified Allocation Plan (QAP). Additionally, an amount of up to $2 million may be made available for redevelopment of public housing.
Application Information:	DHCR Notice of Funding Availability, UF2002 Application Forms
Contact:	DHCR Regional Office
Links To More Info:	DHCR Low Income Housing Credit Program Description DHCR Notice of Funding Availability Low Income Housing Credit Qualified Allocation Plan Low Income Housing Tax Credit Database DHCR SLHIC Regulations
Administering Agency:	Division of Housing and Community Renewal (DHCR)