Bill > S09654

This bill 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 that has applied for the Low-Income Housing Tax Credit (LIHTC) and been certified by the division with a notice of placement on a waiting list upon submitting a completed application. The rules and regulations must include providing successful applicants with a date of expected credit allocation to allow them to financially plan without the need for continuous applications, as long as the submitted specifications and qualifications do not substantially change. The commissioner also has the authority to accept or make revisions to the waiting list when administering the LIHTC program.