New York Legislation Would Expand LIHTC to Cover Single-Family Homes

Thursday, January 6, 2022 - 1:30pm

A bill introduced in the New York State Assembly would expand the state low-income housing tax credit (LIHTC) to cover certain single-family homes. AB 5630 would add to the definition of qualified residences for the LIHTC, single-family homes with one to four units or condominiums. The bill would also make properties eligible if they are located in a census tract where 70% of the families have a median gross income of less than 90% of the greater area or statewide median income, are in a rural area, are on a reservation for a federally recognized Indian tribe are is an in area of chronic economic distress.

The Novogradac Introduction to Low-Income Housing Tax Credits provides an introduction to the basics of the LIHTC incentive, including the use of state credits.