Low Income Housing Tax Credits & Preservation in New York City, 2014

New York City Department of Housing Preservation and Development's 2014 Qualified Allocation Plan awards points for preservation projects, and projects that extend the affordability period.

New York City Department of Housing Preservation and Development's (HPD) 2014 QAP awards up to 18 points for “Project Characteristics”. Preservation projects—projects that preserve existing affordable housing that either: a) have, and continue to use if possible, project-based rental assistance and/or operating subsidy; b) have a loan made prior to 1984 from any of the following loan programs: HUD 202/811, 221(d)3 or (d)4 or 236; c) an HPD LIHTC Preservation Program where HPD has approved a resyndication plan are eligible for points. In addition, existing housing—rehabilitation projects are eligible for points in the “Project Characteristics” category. 

New York City identifies projects that commit to an affordability period beyond the 30 year minimum requirement as a priority, and up to 3 points are awarded for projects which pledge to extend the low income affordability period beyond the 30 years required under Section 42. 

New York City HPD's 2013 QAP designated all five boroughs in New York City as Difficult to Develop Areas (DDAs), so all 9 percent projects in New York City will be eligible for the basis boost. 4 percent projects are only eligible for the basis boost if they are located in a HUD-defined QCT or DDA. 

Contributed By: 
National Housing Trust

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