DTF-625: Low-Income Housing Credit Allocation and Certification (2024)
New York · NY DTF · Used for tax years 2024
Form DTF-625 records a New York low-income housing credit allocation and the building owner’s first-year certification. It reports allocation limits, building basis, placed-in-service dates, and elections related to the credit. The New York State Division of Housing and Community
Who files this form
Form DTF-625 records the low-income housing credit allocation and the building owner's first-year certification.
- The New York State Division of Housing and Community Renewal (DHCR) completes Part 1, Allocation of credit.
- The building owner completes Part 2, First-year certification, for the first year of the credit period.
What you'll need
The form asks for information including:
- The building's street address and New York State building identification number (BIN).
- The building owner's name, address, and taxpayer identification number.
- Allocation details, including the allocation date, maximum credit amount, maximum credit percentage, and maximum qualified basis.
- The date the building was placed in service, its eligible basis, and its original qualified basis at the close of the first year of the credit period.
- Answers about the project and the owner's credit elections.
Related forms listed on DTF-625 are:
- Form DTF-625-ATT, Low Income Housing Credit Annual Statement: File with your return for each year of the 15-year compliance period.
- Form DTF-624, Claim for Low-Income Housing Credit: Use to claim the credit.
- Form DTF-625-I: Consult for help completing DTF-625.
How to file
DHCR completes Part 1, which includes a certification signed by an authorized official. The building owner completes Part 2. The owner or an authorized individual signs the building certification.
Send your properly completed Form(s) DTF-625 to:
CORPORATION TAX DESK AUDIT
TDAB - TAX AUDIT ADMINISTRATOR 1
W A HARRIMAN CAMPUS
ALBANY NY 12227-4299
If you are not using U.S. Mail, see Publication 55, Designated Private Delivery Services.
Also file Form DTF-625-ATT with your return for each year of the 15-year compliance period. Use Form DTF-624 to claim the credit. The form directs you to those forms' instructions for filing information.
Common mistakes
- Using a PO Box for the building address: The form says not to use a PO Box.
- Leaving line 4 blank when the percentage is zero: Enter 0 if none of the aggregate basis is financed by tax-exempt bonds.
- Selecting only one applicable allocation description: Line 6 says to mark all that apply.
- Overlooking the election warning: The elections on line 10 are irrevocable once made.
- Forgetting the annual statement: Form DTF-625-ATT must be filed with your return for each year of the 15-year compliance period.
Questions people ask
Does Form DTF-625 claim the credit?
No. The form directs you to use Form DTF-624, Claim for Low-Income Housing Credit, to claim the credit.
Who signs Form DTF-625?
An authorized official signs the Part 1 allocation certification. The building owner or an authorized individual signs the building certification.
Can I change the elections on line 10 after making them?
The form warns that those elections are irrevocable once made.
Do I need to file an annual statement?
Yes. File Form DTF-625-ATT, Low Income Housing Credit Annual Statement, with your return for each year of the 15-year compliance period.