LIHTC Preservation (Year 15) Program - HPD

Housing Preservation & Development


Home Repair and Preservation Financing

LIHTC Preservation (Year 15) Program


LIHTC Preservation (Year 15) Program

The 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 that are reaching or have reached the end of the initial tax credit compliance period.

Eligible Buildings

This program is for New York City or New York State LIHTC properties that have reached or are beyond the end of their initial tax credit compliance period. Owners may combine non-LIHTC properties with LIHTC properties within a project to improve operations and reduce the need for city subsidy.

Program Overview

The program works with the owner to evaluate the needs of each project and develop a strategy to address the project's financial and capital needs as part of the Year 15 tax credit investor exit review. Repositioning strategies may include extensions or modifications of existing mortgages, securing additional subsidy, new or extended property tax exemptions, and/or leveraging private debt. For more information on the program terms, see the following term sheets:

Resources

Year-15 Repositioning Term Sheet

Year-15 Extended Affordability Term Sheet

Year-15 Private Debt Term Sheet

Integrated Physical Needs Assessment (IPNA)

How to Apply

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.