PERSONS/FIRMS THAT CONSTRUCT AND/OR REHABILITATE RENTAL HOUSING FOR LOW-INCOME HOUSEHOLDS
Tax credit available under the Low-Income Housing Credit Program
Description: The New York State Division of Housing and Community Renewal (DHCR) announces the availability of tax credit under the Low-Income Housing Credit Program (LIHC), which is authorized under Section 42 of the Internal Revenue Code. Request For Proposals (RFP)/Application packages for site-specific project applications will be available beginning November 8, 2007. DHCR expects to have approximately $21 million available for Credit Reservations. The maximum annual tax credit allocation per unit that may be requested is $20,000. The maximum annual tax credit allocation per project that may be requested is $1.3 million. Applicants requesting LIHC for projects in which 50% or more of the units will serve, a) large families or b) persons with special needs and who will also provide services to the targeted population(s) as evidenced by a comprehensive service plan and agreement in writing with an experienced service provider, may request up to $1.5 million. Of the $21 million available, up to $2 million may be set aside for Supportive Housing Projects, up to $3 million may be set aside for Preservation Projects and no more than $1 million may be set aside for High Acquisition Cost Projects as these terms will be defined in DHCR's proposed Low-Income Housing Credit Qualified Allocation Plan (QAP). See below concerning the QAP version to be used. DHCR reserves the right to allocate all, a portion of, or none of the 2008 and 2009 credit based upon LIHC availability, the competitiveness of the applications received, the applicant's ability to meet DHCR criteria for funding and the applicant's ability to further the State's housing goals, including but not limited to: preservation of affordable housing; community revitalization; green building; and collaboration with other governmental agencies and the development community. Application packages will be available at DHCR Regional Offices and on the DHCR web site. ALL APPLICATIONS MAY BE SUBMITTED ELECTRONICALLY AND ARE EXPECTED TO BE AVAILABLE ON THE DHCR WEBSITE, www.nysdhcr.gov, BY DECEMBER 1, 2007.
Applicants are responsible for using the proper application when applying for funding. LIHC applications (paper or electronic) must be received by DHCR by 5:00 p.m., February 27, 2008. In order to expedite processing of applications, applicants are encouraged to submit their applications electronically.
Paper applications will be accepted only at the following address:
NYS Division of Housing and Community Renewal
Low-Income Housing Credit Program
Hampton Plaza - 6th Floor
38-40 State Street
Albany, New York 12207
Individuals who hand deliver applications must have picture identification and a transmittal letter, on organization letterhead, stating their name and authorizing that person to deliver the application. Applications delivered by commercial carrier must have a complete and legible return address. Failure to comply with these requirements may result in an application not being accepted.
Applicants should also be aware of the following:
PROJECT application workshops will be conducted at the following times and locations:
Sheraton Syracuse University Hotel & Conference Center
801 University Avenue, Syracuse, N.Y.
|Thursday, November 8th at 9:00am|
Hyatt Regency Buffalo
Two Fountain Plaza, Buffalo, N.Y.
|Friday, November 9th at 9:00am|
Holiday Inn Express
300 Broadway, Albany, N.Y.
|Tuesday, November 13th at 9:00am|
LaGuardia Community College Theater
31-10 Thompson Avenue, Long Island City, N.Y.
|Wednesday, November 14th at 10:00am|
|New York City
NYC Regional Office, Room 510
25 Beaver Street, New York, N.Y.
|Thursday, November 15th at 10:00am|
Application materials will be distributed starting one half-hour before each workshop. Materials will also be available on the DHCR web site (http://www.nyshcr.org) beginning on November 8, 2007. The workshops will include a discussion of project application requirements and the Unified Funding process. There will be a demonstration of the new Community Development on-line application at each workshop. The Unified Funding 2008 Capital Project Application Workshop Agenda is available on the New York State Division of Housing and Community Renewal web site. Interested parties should refer to the web site to familiarize themselves with the agenda items.
For additional information, please contact one of DHCR's Regional Offices, or visit our website at www.nysdhcr.gov
Last updated on 11/07/07