NY State Senate Bill 2021-S5515A

Senate Bill S5515A

2021-2022 Legislative Session

Extends the credit against income tax for persons or entities investing in low-income housing

download bill text pdf

Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

Please enter your contact information

First Name

Last Name

Email Address

A valid email address is required.

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 05, 2022	referred to housing, construction and community development
May 18, 2021	print number 5515a
May 18, 2021	amend and recommit to finance reported and committed to finance
Mar 09, 2021	referred to housing, construction and community development

Votes

- May 18, 2021 - Housing, Construction And Community Development Committee Vote
  S5515A
  
  9
  
  Aye
  
  0
  
  Nay
  
  2
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Housing, Construction And Community Development Committee Vote: May 18, 2021
      
      aye (9)
      
      Boyle
      
      Brisport
      
      Jackson
      
      Kavanagh
      
      Mannion
      
      Myrie
      
      Rivera
      
      Ryan
      
      Salazar
      
      aye wr (2)
      
      Helming
      
      Martucci

Bill Amendments

Original

A (Active)

2021-S5515 - Details

Current Committee:: Senate Housing, Construction And Community Development
Law Section:: Public Housing Law
Laws Affected:: Amd §22, Pub Hous L

2021-S5515 - Summary

Extends the credit against income tax for persons or entities investing in low-income housing.

2021-S5515 - Sponsor Memo

                                
 
BILL NUMBER: S5515      REVISED 05/14/2021

SPONSOR: KAVANAGH
 
TITLE OF BILL:

An act to amend the public housing law, in relation to extending the
credit against income tax for persons or entities investing in low-in-
come housing

 
PURPOSE:

To increase the aggregate dollar amount allocable for the state low
income housing tax credit for each of the next five years.

 
SUMMARY OF PROVISIONS:  This bill would amend Public Housing Law §
22(4) to increase the aggregate amount of low-income housing tax credit
the Commissioner of Housing and Community Renewal may incrementally
allocate from $112 million to $151 million, over the next five fiscal
years.

JUSTIFICATION:

New York State has been in the midst of a housing crisis for many years,
due to millions of New Yorkers being compelled to pay 30 to 50 percent
of their incomes or more for housing. With the economic devastation
resulting from the COVID-19 pandemic, the housing crisis has grown deep-
er with more New Yorkers who have been unemployed or underemployed for
months now unable to afford housing. The New York State low income hous-
ing credit (SLIHC) provides critical funding to support the creation of
affordable housing for households that earn between 60% and 90% of Area
Median Income (AMI), but is also used to support housing for households
under 60% of AMI. It provides resources for the creation of affordable
housing for moderate income households in high cost and high rent areas
of the state that would not qualify for low-income housing, but are cost
burdened. SLIHC also provides for the creation of mixed income housing
to further the goal of reducing the concentration of poverty and creat-
ing economically integrated communities.

It increases the overall funding available for affordable housing
projects by leveraging federal low-income housing tax credits and other
state and federal resources in order to increase the total number of
affordable housing units developed or preserved. SLIHC provides
resources to projects that are not otherwise feasible without this addi-
tional support.

Current SLIHC allocations are significantly oversubscribed and the
proposed annual increase to $15 million from the annual $8 million
amount, over the next five years, will leverage substantial federal
incentives and private investments, and will result in thousands of
additional units of affordable housing.

 
LEGISLATIVE HISTORY:

This is a new bill.

 
FISCAL IMPLICATIONS:

TBD.

 
EFFECTIVE DATE: :
This bill would take effect immediately; provided, however, section two
of this bill would take effect on April 1, 2022; section three of this
bill would take effect on April 1, 2023; section four of this bill would
take effect on April 1, 2024; and section five of this bill would take
effect on April 1, 2025.

2021-S5515 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5515
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               March 9, 2021
                                ___________
 
 Introduced  by Sen. KAVANAGH -- read twice and ordered printed, and when
   printed to be committed to the Committee on Housing, Construction  and
   Community Development
 
 AN  ACT  to  amend  the public housing law, in relation to extending the
   credit against income tax for persons or entities investing in low-in-
   come housing

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision 4 of section 22 of the public housing law, as
 amended by section 5 of part H of chapter 60 of the  laws  of  2016,  is
 amended to read as follows:
   4.  Statewide  limitation. The aggregate dollar amount of credit which
 the commissioner may allocate to  eligible  low-income  buildings  under
 this  article  shall be one hundred [four] NINETEEN million dollars. The
 limitation provided by this subdivision applies only  to  allocation  of
 the  aggregate dollar amount of credit by the commissioner, and does not
 apply to allowance to a taxpayer of the credit with respect to an eligi-
 ble low-income building for each year of the credit period.
   § 2. Subdivision 4 of section 22 of the public housing law, as amended
 by section one of this act, is amended to read as follows:
   4. Statewide limitation. The aggregate dollar amount of  credit  which
 the  commissioner  may  allocate  to eligible low-income buildings under
 this article  shall  be  one  hundred  [nineteen]  TWENTY-SEVEN  million
 dollars.  The  limitation  provided  by this subdivision applies only to
 allocation of the aggregate dollar amount of credit by the commissioner,
 and does not apply to allowance to a taxpayer of the credit with respect
 to an eligible low-income building for each year of the credit period.
   § 3. Subdivision 4 of section 22 of the public housing law, as amended
 by section two of this act, is amended to read as follows:
   4. Statewide limitation. The aggregate dollar amount of  credit  which
 the  commissioner  may  allocate  to eligible low-income buildings under
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD09909-01-1

 S. 5515                             2
 
 this article shall be one  hundred  [twenty-seven]  THIRTY-FIVE  million
 dollars.    The  limitation provided by this subdivision applies only to
 allocation of the aggregate dollar amount of credit by the commissioner,
 and does not apply to allowance to a taxpayer of the credit with respect
 to an eligible low-income building for each year of the credit period.
   § 4. Subdivision 4 of section 22 of the public housing law, as amended
 by section three of this act, is amended to read as follows:
   4.  Statewide  limitation. The aggregate dollar amount of credit which
 the commissioner may allocate to  eligible  low-income  buildings  under
 this  article  shall  be  one  hundred [thirty-five] FORTY-THREE million
 dollars.  The limitation provided by this subdivision  applies  only  to
 allocation of the aggregate dollar amount of credit by the commissioner,
 and does not apply to allowance to a taxpayer of the credit with respect
 to an eligible low-income building for each year of the credit period.
   § 5. Subdivision 4 of section 22 of the public housing law, as amended
 by section four of this act, is amended to read as follows:
   4.  Statewide  limitation. The aggregate dollar amount of credit which
 the commissioner may allocate to  eligible  low-income  buildings  under
 this  article  shall  be  one  hundred  [forty-three]  FIFTY-ONE million
 dollars.  The limitation provided by this subdivision  applies  only  to
 allocation of the aggregate dollar amount of credit by the commissioner,
 and does not apply to allowance to a taxpayer of the credit with respect
 to an eligible low-income building for each year of the credit period.
   §  6.  This  act  shall  take  effect  immediately; provided, however,
 section two of this act shall take effect April 1, 2022;  section  three
 of  this  act  shall take effect April 1, 2023; section four of this act
 shall take effect April 1, 2024; and section five of this act shall take
 effect April 1, 2025.

2021-S5515A (ACTIVE) - Details

Current Committee:: Senate Housing, Construction And Community Development
Law Section:: Public Housing Law
Laws Affected:: Amd §22, Pub Hous L

2021-S5515A (ACTIVE) - Summary

Extends the credit against income tax for persons or entities investing in low-income housing.

2021-S5515A (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S5515A

SPONSOR: KAVANAGH
 
TITLE OF BILL:

An act to amend the public housing law, in relation to extending the
credit against income tax for persons or entities investing in low-in-
come housing

 
PURPOSE:

To increase the aggregate dollar amount allocable for the state low
income housing tax credit for each of the next five years.

 
SUMMARY OF PROVISIONS:

This bill would amend Public Housing Law § 22(4) to increase the aggre-
gate amount of low-income housing tax credit the Commissioner of Housing
and Community Renewal may incrementally allocate from $112 million to
$151 million, over the next five fiscal years.

 
JUSTIFICATION:

New York State has been in the midst of a housing crisis for many years,
due to millions of New Yorkers being compelled to pay 30 to 50 percent
of their incomes or more for housing. With the economic devastation
resulting from the COVID-19 pandemic, the housing crisis has grown deep-
er with more New Yorkers who have been unemployed or underemployed for
months now unable to afford housing. The New York State low income hous-
ing credit (SLIHC) provides critical funding to support the creation of
affordable housing for households that earn between 60% and 90% of Area
Median Income (AMI), but is also used to support housing for households
under 60% of AMI. It provides resources for the creation of affordable
housing for moderate income households in high cost and high rent areas
of the state that would not qualify for low-income housing, but are cost
burdened. SLIHC also provides for the creation of mixed income housing
to further the goal of reducing the concentration of poverty and creat-
ing economically integrated communities.

It increases the overall funding available for affordable housing
projects by leveraging federal low-income housing tax credits and other
state and federal resources in order to increase the total number of
affordable housing units developed or preserved. SLIHC provides
resources to projects that are not otherwise feasible without this addi-
tional support.

Current SLIHC allocations are significantly oversubscribed and the
proposed annual increase to $15 million from the annual $8 million
amount, over the next five years, will leverage substantial federal
incentives and private investments, and will result in thousands of
additional units of affordable housing.

 
LEGISLATIVE HISTORY:

This is a new bill.

 
FISCAL IMPLICATIONS:

TBD.
 
EFFECTIVE DATE: :
This bill would take effect immediately; provided, however, section two
of this bill would take effect on April 1, 2022; section three of this
bill would take effect on April 1, 2023; section four of this bill would
take effect on April 1, 2024; and section five of this bill would take
effect on April 1, 2025.

2021-S5515A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5515--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               March 9, 2021
                                ___________
 
 Introduced  by Sen. KAVANAGH -- read twice and ordered printed, and when
   printed to be committed to the Committee on Housing, Construction  and
   Community  Development  --  reported favorably from said committee and
   committed to the Committee on Finance --  committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee
 
 AN ACT to amend the public housing law, in  relation  to  extending  the
   credit against income tax for persons or entities investing in low-in-
   come housing
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 4 of section 22 of the public housing  law,  as
 amended  by  section  1 of part GG of chapter 59 of the laws of 2021, is
 amended to read as follows:
   4. Statewide limitation. The aggregate dollar amount of  credit  which
 the  commissioner  may  allocate  to eligible low-income buildings under
 this article shall be one hundred [twelve] NINETEEN million dollars. The
 limitation provided by this subdivision applies only  to  allocation  of
 the  aggregate dollar amount of credit by the commissioner, and does not
 apply to allowance to a taxpayer of the credit with respect to an eligi-
 ble low-income building for each year of the credit period.
   § 2. Subdivision 4 of section 22 of the public housing law, as amended
 by section 2 of part GG of chapter 59 of the laws of 2021, is amended to
 read as follows:
   4. Statewide limitation. The aggregate dollar amount of  credit  which
 the  commissioner  may  allocate  to eligible low-income buildings under
 this article shall be one hundred [twenty] TWENTY-SEVEN million dollars.
 The limitation provided by this subdivision applies only  to  allocation
 of  the  aggregate dollar amount of credit by the commissioner, and does
 not apply to allowance to a taxpayer of the credit with  respect  to  an
 eligible low-income building for each year of the credit period.

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

                                                            LBD09909-02-1

 S. 5515--A                          2
 
   § 3. Subdivision 4 of section 22 of the public housing law, as amended
 by section 3 of part GG of chapter 59 of the laws of 2021, is amended to
 read as follows:
   4.  Statewide  limitation. The aggregate dollar amount of credit which
 the commissioner may allocate to  eligible  low-income  buildings  under
 this  article  shall  be  one hundred [twenty-eight] THIRTY-FIVE million
 dollars. The limitation provided by this  subdivision  applies  only  to
 allocation of the aggregate dollar amount of credit by the commissioner,
 and does not apply to allowance to a taxpayer of the credit with respect
 to an eligible low-income building for each year of the credit period.
   § 4. Subdivision 4 of section 22 of the public housing law, as amended
 by section 4 of part GG of chapter 59 of the laws of 2021, is amended to
 read as follows:
   4.  Statewide  limitation. The aggregate dollar amount of credit which
 the commissioner may allocate to  eligible  low-income  buildings  under
 this  article  shall  be  one  hundred  [thirty-six] FORTY-THREE million
 dollars. The limitation provided by this  subdivision  applies  only  to
 allocation of the aggregate dollar amount of credit by the commissioner,
 and does not apply to allowance to a taxpayer of the credit with respect
 to an eligible low-income building for each year of the credit period.
   § 5. Subdivision 4 of section 22 of the public housing law, as amended
 by section 5 of part GG of chapter 59 of the laws of 2021, is amended to
 read as follows:
   4.  Statewide  limitation. The aggregate dollar amount of credit which
 the commissioner may allocate to  eligible  low-income  buildings  under
 this  article  shall  be  one  hundred  [forty-four]  FIFTY-ONE  million
 dollars. The limitation provided by this  subdivision  applies  only  to
 allocation of the aggregate dollar amount of credit by the commissioner,
 and does not apply to allowance to a taxpayer of the credit with respect
 to an eligible low-income building for each year of the credit period.
   §  6.  This  act  shall  take  effect  immediately; provided, however,
 section two of this act shall take effect on the same date  and  in  the
 same  manner  as section 2 of part GG of chapter 59 of the laws of 2021,
 take effect; section three of this act shall take  effect  on  the  same
 date and in the same manner as section 3 of part GG of chapter 59 of the
 laws of 2021, take effect; section four of this act shall take effect on
 the  same date and in the same manner as section 4 of part GG of chapter
 59 of the laws of 2021, take effect; and section five of this act  shall
 take effect on the same date and in the same manner as section 5 of part
 GG of chapter 59 of the laws of 2021, take effect.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.