Bill Text: NY S05002 | 2025-2026 | General Assembly | Introduced

New York Senate Bill 5002

Introduced

Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2025-02-14 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S05002 Detail]

Download: New_York-2025-S05002-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          5002

                               2025-2026 Regular Sessions

                    IN SENATE

                                    February 14, 2025
                                       ___________

        Introduced  by  Sen. HINCHEY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Housing, Construction  and
          Community Development

        AN  ACT  in relation to directing the commissioner of the New York state
          division of housing and community  renewal  to  promulgate  rules  and
          regulations relating to the low-income housing tax credit

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. The commissioner of the New York state division of  housing
     2  and  community renewal shall promulgate rules and regulations to provide
     3  a taxpayer or entity having applied for the low-income housing tax cred-
     4  it and certified by the division of housing and community renewal with a
     5  notice of placement on a waiting list upon the submission of a completed
     6  application. Such rules and regulations shall include the provision of a
     7  date of expected credit allocation delivered to  the  successful  appli-
     8  cants to allow for successful applicants to financially plan without the
     9  need  for continuous applications provided that the submitted specifica-
    10  tions and qualifications of the application do not substantially change.
    11  The commissioner of the New York state division of housing and community
    12  renewal, in administering the provisions of the low-income  housing  tax
    13  credit  program, shall have the authority to accept or make revisions to
    14  the waiting list.
    15    § 2. This act shall take effect on the one hundred eightieth day after
    16  it shall have become a law.  Effective immediately, the addition, amend-
    17  ment and/or repeal of any rule or regulation necessary for the implemen-
    18  tation of this act on its effective date are authorized to be  made  and
    19  completed on or before such effective date.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09849-01-5