S T A T E O F N E W Y O R K
2011-2012 Regular Sessions
I N S E N A T E
April 20, 2011
Introduced by Sen. YOUNG -- read twice and ordered printed, and when
printed to be committed to the Committee on Housing, Construction and
AN ACT to amend the public housing law, in relation to federal low-in-
come housing credits
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 25 of the public housing law is amended by adding a
new subdivision 3 to read as follows:
3. ON AND AFTER JUNE FIRST, TWO THOUSAND ELEVEN, THE CREDITS ALLOWED
TO A PARTNERSHIP, LIMITED LIABILITY COMPANY TAXED AS A PARTNERSHIP OR
MULTIPLE OWNERS OF PROPERTY SHALL BE PASSED THROUGH TO THE PERSONS
DESIGNATED, MEMBERS OR OWNERS PURSUANT TO AN EXECUTED AGREEMENT AMONG
THE PERSONS DESIGNATED AS PARTNERS, MEMBERS OR OWNERS DOCUMENTING AN
ALTERNATIVE DISTRIBUTION METHOD WITHOUT REGARD TO THEIR SHARING OF OTHER
TAX OR ECONOMIC ATTRIBUTES OF THE ENTITY, INCLUDING BUT NOT LIMITED TO
HOW THE FEDERAL LOW-INCOME HOUSING TAX CREDIT WITH RESPECT TO A PROJECT
IS ALLOCATED TO THE PARTNERS, MEMBERS OR OWNERS.
S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.