Bill Text: NY A10150 | 2015-2016 | General Assembly | Introduced

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Bill Title: Requires that, as a condition of being a sub-allocatee for awarding low income housing tax credits, municipalities having a population of one million or more persons must prioritize the timely exit of low income housing tax credit investors from housing projects financed with low income housing tax credit.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-05-12 - referred to housing [A10150 Detail]

Download: New_York-2015-A10150-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          10150
                   IN ASSEMBLY
                                      May 12, 2016
                                       ___________
        Introduced by M. of A. WRIGHT -- read once and referred to the Committee
          on Housing
        AN  ACT  to amend the public housing law, in relation to requiring that,
          as a condition of being a sub-allocatee for awarding low income  hous-
          ing  tax credits, municipalities having a population of one million or
          more persons must prioritize the timely exit of low income housing tax
          credit investors from housing projects financed with low income  hous-
          ing tax credit
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. The public housing law is amended by adding a  new  section
     2  26 to read as follows:
     3    §  26.  Designation as a sub-allocatee. 1. Homes and community renewal
     4  (HCR) is the designated state allocation agency for federal  low  income
     5  housing  tax credits pursuant to section 42 of the Internal Revenue Code
     6  of 1986, as amended and for the state low  income  housing  tax  credits
     7  provided for in this article.
     8    2.  In  cities having a population of one million or more persons, HCR
     9  shall have the authority to designate local municipal agencies  as  sub-
    10  allocatees to allocate state low income housing tax credits provided for
    11  in  this article, subject to the provisions of subdivision three of this
    12  section.
    13    3. As a condition of being designated a sub-allocatee for awarding low
    14  income housing tax credits by HCR pursuant to subdivision  two  of  this
    15  section,  a  local  municipal agency shall prioritize the timely exit of
    16  low income housing tax credit investors from housing  projects  financed
    17  with  a low income housing tax credit in order to preserve the assets of
    18  affordable housing projects and  their  developers.  All  such  agencies
    19  shall:
    20    (a)  at the end of the initial ten years compliance period, consent to
    21  the transfer of the investor's interest in  the  project  within  ninety
    22  days  of receipt of a request from the recipient of the tax credit allo-
    23  cation, upon the investor capital account being reduced to zero; and
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13939-01-6
        A. 10150                            2
     1    (b) provide tax abatement,  rent  restructuring  and  other  forms  of
     2  financial  assistance for the project to ensure that it remains afforda-
     3  ble and of quality, without burdening the project or the  owner  in  any
     4  manner, including through any requirement to extend the regulatory peri-
     5  od or to have participation by any other type of entity.
     6    § 2. This act shall take effect immediately.