HPD’s 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.
This program is for New York City or New York State existing LIHTC properties (4% and 9% including but not limited to projects in HPD’s existing portfolio) sponsors may combine non-tax credit properties with existing tax credit properties into one new transaction.
Projects that previously received LIHTC from any source and is seeking a loan and/or a tax exemption from HPD.
The program assesses the needs of each project and develops a long-term preservation strategy to address the projects’ financial and physical needs. HPD assistance may include residential real estate tax exemptions, below-market loans, and/or extensions or modifications of existing HPD mortgages to induce conventional financing for preservation efforts and ensure long term financial stability.
This term sheet covers three (3) different ways to assist projects:
Thank you for your interest in the LIHTC Preservation (Year 15) Program. We are sorry to inform you we currently have limited staff capacity and a significant backlog of projects. As a result, the assignment of a project manager can take up to one year. Please submit a complete Preliminary Application with detailed information about the project characteristics and needs. This application will allow us to understand the needs of your project, and we will contact you when we are able to assign a project manager. Thank you for your interest and we look forward to working with you.