Current through Register Vol. 46, No. 39, September 25, 2024
(a) This Qualified
Allocation Plan ("Plan" or "QAP") is adopted by the New York State Housing
Finance Agency ("Agency" or "HFA") pursuant to Section
42 of the Internal Revenue Code of 1986, as
amended ("IRC") and the Treasury Regulations, Revenue Rulings and Procedures,
and other publications of the Internal Revenue Service ("Service" or "IRS")
with binding authority applicable thereunder (collectively, the "Code"), to
govern the allocation or allowance by the Agency of any Low Income Housing Tax
Credit ("LIHTC") under IRC Section 42. This plan shall apply to:
(i) the allowance by the Agency of LIHTC to
projects financed by obligations subject to the Private Activity Bond Cap, the
interest on which is exempt from federal income tax, as provided in IRC
§42(h)(4) and
(ii) any allocation
of LIHTC to the Agency by as a suballocating agency designated by the New York
State Division of Housing and Community Renewal under authority granted by Part
2040 of Title 9 of the New York Codes, Rules and Regulations; In addition,
pursuant to IRC §42(m)(1)(B)(iii) and Treasury Regulation 1.42-5, this Plan
provides certain procedures that the Agency shall follow in monitoring for
noncompliance with the Code and for notifying the IRS thereof.
(b) HFA is generally involved in
two kinds of LIHTC projects:
(i) projects
from the Agency or
(ii) projects
receiving tax exempt bond financing from another issuer, subject to the Private
Activity Bond volume cap provisions contained in Section 146 of the Code, and
which accordingly may be eligible for so called "Private Activity Bond Credits"
"As of Right" or "4%" Credits" if the project complies with the applicable
requirements of this QAP. The Agency does not currently expect to receive any
sub-allocation of LIHTC from the Division and therefore does not expect to
allocate any competitive, 9%, credits. In the event that the Agency receives a
sub-allocation, HFA will allocate the credits pursuant to the definitions
processes, procedures and requirements in Part 2040 of Title 9 of the New York
Official Compilation of Codes, Rules and Regulations which is available on the
agency's web site, www.nyshcr.gov.
(c) The Agency may also be involved with
other programs or projects pursuant to this QAP in accordance with federal or
state mandates.
