Low-Income Housing Credit Allocation and Certification

New York Tax Form 625: Low-Income Housing Credit Allocation and Certification

Use the New York Tax Form Calculator New York Tax Form 625: Low-Income Housing Credit Allocation and Certification as a stand alone tax form calculator to quickly calculate specific amounts for your 2023 New York state tax return. New York Tax Form 625: Low-Income Housing Credit Allocation and Certification is also integrated into our comprehensive New York State Tax Calculator where you can complete and save your calculations for later use. Alternatively you can use one of our Combined Federal and New York State Tax Estimator to quickly calculate your salary, tax and take home pay in New York.

Low-Income Housing Credit Allocation and Certification
Part 1 – Allocation of credit – Completed by New York State Division of Housing and Community Renewal (DHCR) (see instructions)
1a	a Date of allocation (mm-dd-yyyy)	1b	Maximum housing credit dollar amount allowable	1b
2	Maximum applicable credit percentage allowable			2
3a	Maximum qualified basis			3a
3b	Mark an X in the box if the eligible basis used in the computation of line 3a was increased under the high-cost area provisions of Internal Revenue Code (IRC) section 42(d)(5)(B). Enter the percentage to which the eligible basis was increased			3b
4	Percentage of the aggregate basis financed by tax-exempt bonds (if zero, enter 0)			4
5	Date building placed in service (mm-dd-yyyy)
6	Mark an X in the boxes that describe the allocation for the building (mark all that apply):
	a Newly constructed and federally subsidized	e IRC section 42(e) rehabilitation expenditures not federally subsidized
	b Newly constructed and not federally subsidized	f Allocation subject to nonprofit set-aside under IRC section 42(h)(5)
	c Existing building
	d IRC section 42(e) rehabilitation expenditures federally subsidized
Part 2 – First-year certification – Completed by building owner with respect to the first year of the credit period (see instructions)
7a	Date building placed in service (mm-dd-yyyy)	7b	Eligible basis of building	7b
8a	Original qualified basis of the building at close of first year of credit period.			8a
8b	Are you treating this building as part of a multiple building project for purposes of IRC section 42?			Yes No
9a	If box 6a or box 6d is marked, do you elect to reduce eligible basis under IRC section 42(i)(2)(B)?			Yes No
9b	For market-rate units above the average quality standards of low-income units in the building, do you elect to reduce the eligible basis by disproportionate costs of non-low-income units (IRC section 42(d)(3)(B))?			Yes No
10	Mark the appropriate box for each election:
	Caution: Once made, the following elections are irrevocable.
	a Elect to begin credit period the first year after the building is placed in service (IRC section 42(f)(1))			Yes No
	b Elect not to treat large partnership as taxpayer (IRC section 42(j)(5))			Yes
	c Elect minimum set-aside requirement (IRC section 42(g)) 20-50 40-60 25-60 (NYC only)
	d Elect minimum set-aside requirement (Public Housing Law, section 21(5)(b))			Yes
	e Elect deep-rent-skewed project (IRC section 142(d)(4)(B))			Yes

Tip: use the New York Tax Calculator to edit your refundable and non-refundable tax credits including New York Tax Form 625: Low-Income Housing Credit Allocation and Certification. Complete, Calculate, print and or save your tax calculation for later use.

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