HPD: tax credits available

Real Estate Weekly, May 7, 2003

New York City Department of Housing Preservation and Development (HPD) Commissioner Jerilyn Perine announced the availability of Low Income Housing Tax Credits for calendar year 2003, as authorized under Section 42 of the Internal Revenue Code. "I would like to thank the New York State Division of Housing and Community Renewal for awarding Low Income Housing Tax Credits in New York City," said Perine.

HPD expects to conduct one competitive funding round for 2003 Tax Credits. Real estate developers who construct or rehabilitate rental housing that is reserved for low-income occupancy and located in the five boroughs of the city may apply for allocations of 2003 Tax Credits.

Since 1988 HPD has allocated over $123 million in ceiling credits, generated close to $800 million in private equity contributions and created over 21,000 units of quality affordable housing. In the past nine years HPD has also processed applications for $20.7 million in "as-of-right" credits for 62 tax-exempt bond financed projects.

Application forms may be obtained by calling (212) 863-7698 or at the following address: NYC Dept. of Housing Preservation and Development, Tax Credit and Compliance Unit, 100 Gold St., Room 91-3, New York, New York 10038. Application, forms are also available on nyc.gov/hpd

The deadline for complete applications to be delivered to HPD has been extended to May 16 no later than 4 p.m. Applications will be reviewed for completeness, feasibility, and the extent to which they meet the threshold and competitive selection criteria contained in HPD's 2003 Low Income Housing Tax Credit Qualified Allocation Plan, which is available on nyc.gov/hpd HPD expects to make award announcements on or about Sept. 1.