Bill > A06889

This bill directs the commissioner of the New York State Division of Housing and Community Renewal to establish new regulations for the Low-Income Housing Tax Credit (LIHTC) program. Specifically, the bill requires that when a taxpayer or entity submits a completed application for the tax credit and is certified by the division, they will receive a notice of their placement on a waiting list. The regulations must include providing an expected date of credit allocation to successful applicants, which will help them with financial planning and reduce the need for repeated applications. The commissioner will have the authority to accept or modify the waiting list, as long as the original application's specifications and qualifications remain substantially unchanged. The bill will take effect 180 days after becoming law, and the division is authorized to prepare and complete any necessary rules or regulations in advance of the effective date to ensure smooth implementation of the new requirements.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A6889