Through the Tax Reform Act of 1986 the federal government established the Low-Income Housing Credit Program to promote investment in the production and retention of affordable low income rental housing. By Executive Order, DHCR was designated the lead agency in New York State responsible for allocating tax credits in accordance with a Qualified Allocation Plan (QAP). Final Internal Revenue Service (IRS) regulations were issued on September 2, 1992 requiring allocating agencies to develop procedures to monitor compliance with the program requirements. The monitoring requirement applies to all tax credit projects placed in service since the program was created in 1986. The revised QAP including the monitoring procedure was initially approved on June 26, 1993. Additional final IRS regulations were issued on January 14, 2000 which increase the scope of State agencies' compliance monitoring responsibilities.
The mission of the Low-Income Housing Credit Monitoring Program is: (a) to ensure compliance with the monitoring requirements of Section 42 of the Internal Revenue Code and the Low-Income Housing Credit Regulatory Agreement; and (b) to ensure that limited housing resources are used for the purpose which they were originally funded and benefit the population they were intended to serve.
The primary components of the Low-Income Housing Credit Monitoring Program are: (a) annual certification by project owners and certification compliance review by DHCR; (b) collection and processing of compliance monitoring fees; (c) on-site compliance monitoring of each project-every three years; (d) resolution and reporting of all non-compliance issues; and (e) provide technical assistance to project owners.
The current portfolio consists of 818 projects with 2,764 buildings and 36,946 tax credit units.
Last updated on 05/02/12