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NY A10424
Bill
Status
5/24/2024
Primary Sponsor
Christopher Burdick
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AI Summary
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Commissioner of the New York Division of Housing and Community Renewal must create rules and regulations for the low-income housing tax credit program requiring notice of waiting list placement upon submission of a completed application.
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Rules must include provision of an expected credit allocation date to successful applicants to enable financial planning without requiring continuous reapplications, provided application specifications and qualifications do not substantially change.
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Commissioner retains authority to accept or make revisions to the waiting list in administering the low-income housing tax credit program.
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Act takes effect 180 days after becoming law, with authority for immediate implementation of necessary rule and regulation additions, amendments, or repeals.
Legislative Description
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.
Last Action
referred to housing
5/24/2024