State Low-income Housing Tax Credit (SLIHC)
The New York State Low-income Housing Tax Credit Program (SLIHC) is modeled after the federal LIHTC Program and provides a dollar-for-dollar reduction in state income taxes to investors in qualified low-income housing. However, it has one major difference: SLIHC-assisted units must serve households with incomes at or below 90 percent of Area Median Income (AMI), as opposed to the 60 percent standard of the federal LIHTC.
- Supply/Demand: Supply
- Category: Tax Incentives
- Scale: Small Scale (between 1 and 999 units)
- Timeframe: 2000 - Present
- Occupancy tenure: Rental
- Construction Type: New Construction
- Building Type: Multi-family
- Developers/Owners: Non-profit, For-profit
- Income Restrictions: At least 40 percent of units must be affordable to households with an annual income of up to 90 percent of Area Median Income (AMI).