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Assembly Bill A5787

2017-2018 Legislative Session

Requires that N.Y. city must prioritize the timely exit of low income housing tax credit investors

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Archive: Last Bill Status - In Assembly Committee

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2017-A5787 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
Public Housing Law
Laws Affected:
Add §26, Pub Hous L
Versions Introduced in 2015-2016 Legislative Session:
A10150

2017-A5787 (ACTIVE) - Summary

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.

2017-A5787 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5787
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 15, 2017
                                ___________
 
 Introduced  by  M.  of  A.  CYMBROWITZ  -- 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:
   § 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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