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New York Legislation Would Make Changes to Rehabilitation Provisions of State LIHTC

Wednesday, May 3, 2023 - 1:45PM

A bill introduced in the New York Assembly would make adjustments to the state low-income housing tax credit (LIHTC) incentive provisions for rehabilitating properties, including making properties with one to four residences eligible. A.B. 6625 would also define substantial rehabilitation as being at least $15,000 per residence and set the statewide cap for rehabilitating residences at $6 million annually.

The Novogradac Introduction to Low-Income Housing Tax Credits booklet provides an introduction to the basics of the LIHTC incentive.

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