The NYS Low Income Housing Tax Credit Program is modeled after the federal LIHC program and administered pursuant to the Internal Revenue Code and DHCR’s Qualified Allocation Plan but with a few exceptions:
- SLIHC assisted units must serve households whose incomes are at or below 90 percent of the area median income (vs. the 60 percent standard of the federal program).
- SLIHC provides a dollar-for-dollar reduction in state taxes to investors in qualified low-income housing which meet the requirements of Article 2-A of the Public Housing Law.
- The SLIHC Credit allocation is not calendar year-specific.
- The SLIHC program has selection criteria which are set forth in the SLIHC regulations.