Division of Housing and Community Renewal

Administration of the Low Income Housing Tax Credit Program (Follow-Up Review)

The federal government operates the Low Income Housing Tax Credit program, in which federal tax credits are awarded for private investment in low income housing. In New York, this program is administered by the Division of Housing and Community Renewal. In our prior audit report 95-S-70, we examined how the credits were awarded by the Division and found that an excessive amount of credits was sometimes awarded because the costliness of projects receiving tax credits was not evaluated by the Division and the requirements governing award amounts were sometimes disregarded by the Division. In our follow-up review, we found that the problems identified in our prior report have been addressed by the Division.

For a complete copy of Report 98-F-22 click here.