Bill > S05002

This bill directs the commissioner of the New York State Division of Housing and Community Renewal to establish new rules for managing the low-income housing tax credit (LIHTC) program. Specifically, the bill requires that when a taxpayer or entity submits a completed application for the LIHTC, they must receive a notice of their placement on a waiting list. The rules must include providing successful applicants with an expected date of credit allocation, which will help them with financial planning and reduce the need for repeated applications. The bill also grants the commissioner the authority to accept or modify the waiting list, as long as the applicant's original specifications and qualifications remain substantially unchanged. The new regulations will take effect 180 days after the bill becomes law, with provisions allowing the commissioner to prepare necessary rules and regulations in advance of the effective date. The low-income housing tax credit is a federal and state program designed to incentivize the development of affordable rental housing by offering tax credits to developers who create housing for low-income residents.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S5002