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Low-Income Housing Tax Credit Preservation Program

Program (?) Low-Income Housing Tax Credit Preservation Program
Alternative Name(s) Extended Affordability Program
Abbreviation Year 15 Program
Program Description

The Low-Income Housing Tax Credit Preservation Program (Year 15 Program) is available to city-assisted tax credit properties originally developed through HPD’s disposition programs at the end of their initial tax credit compliance period. The Year 15 Program provides technical assistance to building sponsors to develop a strategy for tax credit investor exit review, also known as repositioning, which takes place in the final year of a city-assisted project. The assessment may indicate that the building needs additional funds to improve its financial or physical condition. Repositioning strategies may include extensions or modifications of existing mortgages, securing additional subsidy through debt, use of nine-percent or four-percent tax credits, or benefits associated with the inclusionary housing program.

If assistance for the project is needed, the Year 15 Program can provide loans of up to $15,000 per residential unit. Loans are issued as 30-year repayable balloon mortgages with zero-percent interest rates. All projects are expected to receive some form of a 420-c tax exemption as well. After repositioning, sponsors must extend the affordability period through the latter of either the term of any additional mortgage provided, or 15 additional years from the current restriction period.

Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing Ongoing
Benefit Type (?) Financing, Other
Government Agency (?) NYC Dept of Housing Preservation and Development
Program Information (?)  
Scale Medium Scale (between 1,000 and 4,999 units produced)
Timeframe 2008-Present
Developer/Owners (?) For-Profit, Non-Profit
Property Information (?)  
Property Occupancy Occupied
Property Type Building
Building Type Multi-family
Construction Type Rehabilitation
Occupant Tenure (?) Rental
Occupant Income Restrictions (?) Very Low-Income
Other Targeting Information (?)

Specific to LIHTC buildings

More Information NYC HPD
The Network
Available on CoreData.nyc? Yes
Last Updated June 2018
Data Source New York City Department of Housing Preservation and Development
CoreData.nyc Notes

Data from New York City Department of Housing Preservation and Development accessed June 2018 (reflects data as of March 2018).

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