NY A05630

Expands the low-income housing tax credit program to include "qualified residences" (one to four family homes, condominiums, and cooperative housing units) in addition to existing eligible buildings.

Defines qualified residences as properties located in census tracts where 70% of families earn less than 90% of median income, rural areas, federally recognized Indian reservations, or areas of chronic economic distress, and purchased by low or moderate-income buyers.

Allocates a separate $6 million annual cap for tax credits allocated to qualified residences, while maintaining the existing $104 million cap for eligible low-income buildings.

Defines "substantially rehabilitates" as rehabilitation expenditures of at least $15,000 for a qualified residence, allowing taxpayers who rehabilitate or construct such properties to claim the housing tax credit over ten years.

Requires the commissioner to establish monitoring procedures to ensure compliance of qualified residences with program provisions.