FOR IMMEDIATE RELEASELOW INCOME HOUSING TAX CREDITS AVAILABLE FOR 2003 Tax Credits for Real Estate Developers to Construct or Rehabilitate Low-Income Rental Housing
April 30, 2003
Carol Abrams (212) 863-5176
New York City Department of Housing Preservation and Development (HPD) Commissioner Jerilyn Perine today announced the availability of Low Income Housing Tax Credits ("2003 Tax Credits") for calendar year 2003, as authorized under Section 42 of the Internal Revenue Code. "I would like to thank the New York State Division of Housing and Community Renewal for awarding Low Income Housing Tax Credits in New York City. These tax credits generate thousands of units of affordable housing," said Commissioner Perine.
HPD expects to conduct one competitive funding round for 2003 Tax Credits. Real estate developers who construct or rehabilitate rental housing that is reserved for low-income occupancy and located in the five boroughs of the City may apply for allocations of 2003 Tax Credits.
Since 1988 HPD has allocated over $123 million in ceiling credits, generated close to $800 million in private equity contributions and created over 21,000 units of quality affordable housing. In the past nine years HPD has also processed applications for $20.7 million in "as-of-right" credits for 62 tax-exempt bond financed projects, creating another 3,500 affordable housing units.
Application forms may be obtained by calling (212) 863-7698 or at the following address: NYC Dept. of Housing Preservation and Development, Tax Credit and Compliance Unit, 100 Gold Street, Room 9I-3, New York, New York 10038. Application forms are also available on nyc.gov/hpd
The deadline for complete applications to be delivered to HPD has been extended to May 16, 2003 no later than 4:00 p.m. Applications will be reviewed for completeness, feasibility, and the extent to which they meet the threshold and competitive selection criteria contained in HPD's 2003 Low Income Housing Tax Credit Qualified Allocation Plan, which is available on nyc.gov/hpd HPD expects to make award announcements on or about September 1, 2003.
HPD reserves the right to allocate all, a portion of, or none of its 2003 Tax Credit authority, depending on the availability of credit authority, the ability of applicants to meet HPD's threshold eligibility requirements, as well as the feasibility and competitiveness of applications received.
HPD's mission is to promote quality housing and viable neighborhoods for New Yorkers. The department is the nation's largest municipal housing development agency. Since Fiscal Year 1987, the agency has completed the construction or rehabilitation of 204,000 units of affordable housing. For more information about affordable rental housing, call the City's Citizen Service Center at 311 or log on to nyc.gov/hpd