NY S07462

Authorizes the New York State Urban Development Corporation to form a limited liability company by resolution to certify and operate as a community development entity eligible for New Markets Tax Credit Program allocations.

Limited liability company may only act on projects selected by the corporation or its subsidiary to receive federal New Markets Tax Credits, with the corporation or its subsidiary serving as managing member.

Requires all projects awarded New Markets Tax Credits to be submitted to the Public Authorities Control Board for approval under Section 51 of the Public Authorities Law.

Mandates the corporation include information about New Markets Tax Credit Program assistance and financial information for any subsidiary administering the program in its annual Public Authorities Law filings and certified audited financial statements.

The authorization expires and is repealed five years after the act takes effect.