New York Low Income Housing Tax Credit Summary
- Modeled after the federal low income housing credit program.
- Provides a dollar-for-dollar reduction in state taxes to investors in qualified low-income housing.
- 15-year compliance period to avoid recapture.
- The tax credits may be used by the investor annually for the initial 10 years of the project.
- The property must remain in service for 15 years, after which the corporation formed may seek refinancing and/or transfer the project to the nonprofit partner/developer.