Tax Credits are awarded by HPD to qualified low-income housing projects in New York City. To be eligible, projects must be substantial rehabilitation or new construction with at least 20% of apartments reserved for low-income households. During annual funding rounds, developers apply competitively to HPD for allocations of tax credits, which are awarded 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.
HPD allocates a portion of the Low Income Housing Tax Credits available to the State of New York; the amount of HPD's authority is negotiated annually with the State. Typically, HPD allocates $10-$12 million in credits per year to 40 or more projects with a total of 1,200 low income units.
HOME and/or LIHTC Compliance Documents
Tenant Certificate of Repair: Download the instructions and form (both in MS Word)
Advisory for HOME and LIHTC Property Owners Regarding the Violence Against Women Act
Federal Government Guidance
Tax Credit Assistance Program (TCAP) Awards
Credits Awarded by HPD
These publications are available in .PDF format. To download and print .PDF files, you will need the latest copy of the Adobe Acrobat Reader. This program can be downloaded for free from this link: "Acrobat and the Web."
- Developers seeking eligibility information should contact Christina Wray, Director of LIHTC Allocations: (212) 863-5184
- Developers seeking compliance information should contact John Cullinan, Director of LIHTC Compliance: (212) 863-7371
- If you are looking for an affordable apartment, see HPD's apartment listings
- If you would like to purchase a home, see HPD's lists of homes for sale