Year 15 is the last year of the credit period in the lifecycle of Low Income Housing Tax Credit (LIHTC) properties, and generally, LIHTC investors will seek to transfer their ownership interest immediately thereafter. In cases where NYC Dept. of Housing Preservation and Development (HPD) provided tax credits, land, financing, or other subsidies such as real estate tax exemptions, a project may require HPD consent to exit its investor depending on the selected Year 15 strategy. As such, Year 15 is an opportunity for sponsors to recapitalize their projects, sell, and/or extend affordability; and it is never too early to start planning!