Nine Developments in Bronx and Brooklyn Win Low-Income Housing Tax Credits

Nine new apartment developments won federal 9% low-income housing tax credits (LIHTCs) in New York City’s annual competition, which announced its awards Dec. 14, 2017.

“The Low-Income Housing Tax Credit is one of the most powerful tools we have in this country to build and preserve affordable housing, like those dynamic projects that were just awarded 9% credits,” said Maria Torres-Springer, commissioner of the City’s Dept. of Housing Preservation and Development.

Nationally, the Housing Credit and private activity tax exempt bonds are responsible for 90% of all affordable housing developments – supporting more than 90,000 affordable homes and nearly 100,000 jobs every year.

The winning nine developments received a total $14.5 million in annual tax credits. They include six new construction projects and three preservation projects, including seven in the Bronx and two in Brooklyn that will create or preserve a total of 800 affordable apartments.

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