NY State Senate Bill 2023-S9654

Senate Bill S9654

2023-2024 Legislative Session

Directs the commissioner of the New York state division of housing and community renewal to promulgate rules and regulations relating to the low-income housing tax credit

download bill text pdf

Current Bill Status - In Senate Committee Housing, Construction And Community Development Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 16, 2024	referred to housing, construction and community development

2023-S9654 (ACTIVE) - Details

See Assembly Version of this Bill:: A10424
Current Committee:: Senate Housing, Construction And Community Development
Law Section:: Housing

2023-S9654 (ACTIVE) - Summary

Directs the commissioner of the New York state division of housing and community renewal to promulgate rules and regulations to provide a taxpayer or entity having applied for the low-income housing tax credit and certified by the division of housing and community renewal with a notice of placement on a waiting list upon the submission of a completed application.

2023-S9654 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S9654REVISED 5/20/24

SPONSOR: HINCHEY
 
TITLE OF BILL:

An act in relation to directing the commissioner of the New York state
division of housing and community renewal to promulgate rules and regu-
lations relating to the low-income housing tax credit

 
PURPOSE:

To allow successful applicants for the Low-Income Housing Tax Credit
(LIHTC) to receive notice of placement on a waiting list to receive the
credit which will allow for greater financial planning and successful
use of the credit.

 
SUMMARY OF PROVISIONS:

Section 1. Requires NYS HCR to promulgate rules and regulations to amend
the qualified allocation plan that provide successful applicants with a
placement on a waiting list for this credit and prevents the need for
continuous applications year to year if the application does not

substantially change.

Section 2. Establishes the effective date.

 
JUSTIFICATION:

The Low-Income Housing Tax Credit Program (LIHTC) was established to
provide a dollar-for-dollar reduction in federal taxes for qualified
investors in low-income housing. These units must serve households with
an income up to 60% of the area median income.

This bill aims to improve the application and administrative processes
by requiring HCR to provide successful applicants with an estimated
waiting time to allow for better financial planning and to prevent
repeated applications year to year during this waiting time.

 
LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS:

None to the state.

 
EFFECTIVE DATE:
This act shall take effect on the one hundred eightieth day after it
shall have become law. Effective immediately, the addition, amendment
and/or repeal of any rule or regulation necessary for the implementation
of this act on its effective date are authorized to be made and
completed on or before such effective date.

2023-S9654 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9654
 
                             I N  S E N A T E
 
                               May 16, 2024
                                ___________
 
 Introduced  by  Sen. HINCHEY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Housing, Construction  and
   Community Development
 
 AN  ACT  in relation to directing the commissioner of the New York state
   division of housing and community  renewal  to  promulgate  rules  and
   regulations relating to the low-income housing tax credit

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The commissioner of the New York state division of  housing
 and  community renewal shall promulgate rules and regulations to provide
 a taxpayer or entity having applied for the low-income housing tax cred-
 it and certified by the division of housing and community renewal with a
 notice of placement on a waiting list upon the submission of a completed
 application. Such rules and regulations shall include the provision of a
 date of expected credit allocation delivered to  the  successful  appli-
 cants to allow for successful applicants to financially plan without the
 need  for continuous applications provided that the submitted specifica-
 tions and qualifications of the application do not substantially change.
 The commissioner of the New York state division of housing and community
 renewal, in administering the provisions of the low-income  housing  tax
 credit  program, shall have the authority to accept or make revisions to
 the waiting list.
   § 2. This act shall take effect on the one hundred eightieth day after
 it shall have become a law.  Effective immediately, the addition, amend-
 ment and/or repeal of any rule or regulation necessary for the implemen-
 tation of this act on its effective date are authorized to be  made  and
 completed on or before such effective date.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15641-01-4

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