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New York State Tax Credit Assistance Program

Program (?) New York State Tax Credit Assistance Program
Abbreviation NYS TCAP
Program Description

The New York State Tax Credit Assistance Program (NYS TCAP) was funded with a pool of federal monies distributed to New York State under the federal American Recovery and Reinvestment Act of 2009 (ARRA). New York’s portion of the federal funds was over $250 million. The purpose of NYS TCAP was to provide an alternative equity source for new construction LIHTC projects that were halted by the recession, which froze the market for tax credits since companies were facing losses and unlikely to have tax liabilities that tax credits would offset. HCR was the federal grantee; it suballocated TCAP funds to HFA and HPD.

Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing One-Time
Benefit Type (?) Grant
Government Agency (?) NYS Department of Homes and Community Renewal
Program Information (?)  
Scale N/A
Timeframe 2009-2011
Developer/Owners (?) Non-Profit
Property Information (?)  
Property Occupancy Vacant
Property Type Land, Building
Building Type Multi-family
Construction Type Rehabilitation, New Construction
Occupant Tenure (?) Rental
Occupant Income Restrictions (?) Very Low-Income
Other Targeting Information (?)

Assists LIHTC Properties

More Information NYS HCR
Available on CoreData.nyc? No

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