DEPUTY Mayor Robert K. Steel, Department of Housing Preservation and Development (HPD) Commissioner Mathew M. Wambua and I recently announced that the city has allocated $14.4 million in Low Income Housing Tax Credits to 13 affordable housing projects.

The tax credits were provided by New York State and serve as a critical source of funding for low-income affordable housing developments.

New York City worked closely with the Cuomo administration to complete these financing deals, which will support a total of 737 affordable units.

It is expected that the work being done on these 10 new construction projects and three preservation projects will create approximately 1,400 new construction and related industry jobs throughout the course of their construction period.

The creation and preservation of affordable housing is an economic engine for the city, strengthening our neighborhoods and providing housing for New Yorkers with a range of incomes.

These tax credits allow us to leverage private sector investment to fund 737 units in 13 projects, creating nearly 1,400 construction and construction-related jobs.

The 737 units of affordable housing supported by the Low Income Housing Tax Credits awards will be developed under the New Housing Marketplace Plan (NHMP), a multi-billion dollar initiative to finance 165,000 units of affordable housing for half a million New Yorkers by the close of the 2014 fiscal year.

To date, the plan has funded the creation or preservation of over 125,700 units of affordable housing across the five boroughs.

The Low Income Housing Tax Credits Program is an indirect Federal subsidy used to finance the development of affordable rental housing for low-income households.

Each year, the Internal Revenue Service (IRS) allocates housing tax credits to designated state agencies, who in turn allocate the credits through a competitive process to projects throughout their state.

New York City receives its allocation of Tax Credits from New York State Homes and Community Renewal, the amount of which is determined and sub-allocated annually by the state.

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