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Stand-Alone As of Right LIHTCs

Allocation of As of Right LIHTC to Projects Financed by Bonds from an Issuer Other than NYSHFA

NYSHFA is authorized to allocate "as of right" credits to projects financed by Private Activity Bonds issued by other State agencies such as Industrial Development Agencies and Public Housing Authorities and maintains a separate application process for projects which only require the allocation of 4%, "As of Right" LIHTC. Such allocations are made in accordance with the Agency's QAP and any project receiving an allocation of LIHTC from the Agency will be subject to NYSHFA's LIHTC project monitoring program as described in the QAP.

Applications for "As of Right" LIHTC may be made throughout the year.

Pursuant to §2188.4(j)(3) and §2188.7(c)(3) of the QAP, NYSHFA may charge reasonable application, allocation and monitoring fees to projects which do not receive financing from the Agency and which receive LIHTC from NYSHFA. While it develops experience with the credit allocation process for projects that do not receive NYSHFA debt financing, the Agency plans to charge an application fee of $2,000, due at the time of application. A credit allocation fee of three percent (3%) of the first year credit allocation amount is due when a project requests the issuance of Form or Forms 8609 evidencing the final credit allocation. Not-for-profit applicants (or their wholly owned subsidiaries) which will be the sole general partner of the partnership/project owner or sole managing member of the limited liability company/project owner may request and be approved to defer payment of the application fee until the time of issuance of the final credit allocation. Annual monitoring fees will be set at one percent (1%) of the maximum restricted rents for the low income units with a minimum annual monitoring fee of $10,000.

These fees are subject to revision by the Agency without prior notice and will be adjusted, if necessary, to reflect the cost to the Agency of the application, allocation and monitoring processes.

Please contact Mark Flescher, (212) 872-0493, email: Mark.Flescher@nyshcr.org for further information.

 

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