Bill Text: NY A10424 | 2023-2024 | General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-05-24 - referred to housing [A10424 Detail]

Download: New_York-2023-A10424-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          10424

                   IN ASSEMBLY

                                      May 24, 2024
                                       ___________

        Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Burdick) --
          read once and referred to the Committee on Housing

        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:

     1    Section  1. The commissioner of the New York state division of housing
     2  and community renewal shall promulgate rules and regulations to  provide
     3  a taxpayer or entity having applied for the low-income housing tax cred-
     4  it and certified by the division of housing and community renewal with a
     5  notice of placement on a waiting list upon the submission of a completed
     6  application. Such rules and regulations shall include the provision of a
     7  date  of  expected  credit allocation delivered to the successful appli-
     8  cants to allow for successful applicants to financially plan without the
     9  need for continuous applications provided that the submitted  specifica-
    10  tions and qualifications of the application do not substantially change.
    11  The commissioner of the New York state division of housing and community
    12  renewal,  in  administering the provisions of the low-income housing tax
    13  credit program, shall have the authority to accept or make revisions  to
    14  the waiting list.
    15    § 2. This act shall take effect on the one hundred eightieth day after
    16  it shall have become a law.  Effective immediately, the addition, amend-
    17  ment and/or repeal of any rule or regulation necessary for the implemen-
    18  tation  of  this act on its effective date are authorized to be made and
    19  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