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.
S T A T E O F N E W Y O R K
________________________________________________________________________
10150
I N A S S E M B L Y
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:
Section 1. The public housing law is amended by adding a new section
26 to read as follows:
S 26. DESIGNATION AS A SUB-ALLOCATEE. 1. HOMES AND COMMUNITY RENEWAL
(HCR) IS THE DESIGNATED STATE ALLOCATION AGENCY FOR FEDERAL LOW INCOME
HOUSING TAX CREDITS PURSUANT TO SECTION 42 OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED AND FOR THE STATE LOW INCOME HOUSING TAX CREDITS
PROVIDED FOR IN THIS ARTICLE.
2. IN CITIES HAVING A POPULATION OF ONE MILLION OR MORE PERSONS, HCR
SHALL HAVE THE AUTHORITY TO DESIGNATE LOCAL MUNICIPAL AGENCIES AS
SUB-ALLOCATEES TO ALLOCATE STATE LOW INCOME HOUSING TAX CREDITS PROVIDED
FOR IN THIS ARTICLE, SUBJECT TO THE PROVISIONS OF SUBDIVISION THREE OF
THIS SECTION.
3. AS A CONDITION OF BEING DESIGNATED A SUB-ALLOCATEE FOR AWARDING LOW
INCOME HOUSING TAX CREDITS BY HCR PURSUANT TO SUBDIVISION TWO OF THIS
SECTION, A LOCAL MUNICIPAL AGENCY SHALL PRIORITIZE THE TIMELY EXIT OF
LOW INCOME HOUSING TAX CREDIT INVESTORS FROM HOUSING PROJECTS FINANCED
WITH A LOW INCOME HOUSING TAX CREDIT IN ORDER TO PRESERVE THE ASSETS OF
AFFORDABLE HOUSING PROJECTS AND THEIR DEVELOPERS. ALL SUCH AGENCIES
SHALL:
(A) AT THE END OF THE INITIAL TEN YEARS COMPLIANCE PERIOD, CONSENT TO
THE TRANSFER OF THE INVESTOR'S INTEREST IN THE PROJECT WITHIN NINETY
DAYS OF RECEIPT OF A REQUEST FROM THE RECIPIENT OF THE TAX CREDIT ALLO-
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
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