Instructions for Form DTF-625 Low-Income Housing Credit Allocation and Certification - New York

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

This document contains official instructions for Form DTF-625 , Low-Income Housing Credit Allocation and Certification - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form DTF-625 is available for download through this link.

FAQ

Q: What is Form DTF-625?A: Form DTF-625 is a form used in New York to apply for low-income housing credit allocation and certification.

Q: Who needs to fill out Form DTF-625?A: Developers and owners of low-income housing projects in New York need to fill out Form DTF-625.

Q: What is the purpose of Form DTF-625?A: The purpose of Form DTF-625 is to apply for low-income housing credit allocation and certification in New York.

Q: What information do I need to fill out Form DTF-625?A: You will need to provide information such as project details, financing information, and household income limits.

Q: Are there any fees associated with submitting Form DTF-625?A: Yes, there is a fee for submitting Form DTF-625. The fee is based on the total development cost of the project.

Q: When should I submit Form DTF-625?A: Form DTF-625 should be submitted at least 90 days before the proposed credit allocation date.

Q: What happens after I submit Form DTF-625?A: After you submit Form DTF-625, the New York State Department of Taxation and Finance will review your application and notify you of their decision.

Q: What if my project is approved for low-income housing credit allocation?A: If your project is approved, you will receive a certification that allows you to claim the low-income housing credits on your tax returns.

Q: What if my project is not approved for low-income housing credit allocation?A: If your project is not approved, you may be able to appeal the decision or reapply for low-income housing credit allocation in the future.