Current through Register Vol. 46, No. 39, September 25, 2024
WHEREAS, section 42 of the United States Internal Revenue
Code ("the Code") establishes a federal tax credit for housing persons of low
income to be administered by state housing agencies ("Low Income Housing Tax
Credit");
WHEREAS, the Code authorizes the governor of each state to
establish a formula for allocating the Low Income Housing Tax Credit limit
among governmental units and other issuing authorities in the State;
WHEREAS, the Code requires that the allocation of Low
Income Housing Tax Credits be coordinated by a single state housing
agency;
WHEREAS, the Code requires each agency allocating the Low
Income Housing Tax Credits to prepare a qualified allocation plan which sets
forth the criteria and preferences by which Low Income Housing Tax Credits will
be allocated to projects;
WHEREAS, the amount of the Low Income Housing Tax Credit
Ceiling is established pursuant to the Revenue Procedure for each calendar
year, based upon the most recent population estimate released by the United
States Bureau of the Census;
WHEREAS, the Low Income Housing Tax Credit should be
allocated in a manner which maximizes the public benefit by addressing the
State's need for low income housing and community revitalization incentives in
distressed areas of the State;
NOW, THEREFORE, I, Andrew M. Cuomo, Governor of the State
of New York, by virtue of the authority vested in me by the Constitution and
laws of the State of New York, do hereby order as follows:
A. Definitions
As used herein, the following terms shall have the
following meanings:
1. "Code" shall
mean the United State Internal Revenue Code.
2. "Commissioner" shall mean the Commissioner
of the Division of Housing and Community Renewal.
3. "Low Income Housing Tax Credit Ceiling"
shall mean the dollar amount of allocation authority apportioned to New York
State pursuant to the Revenue Procedure referenced in the Code for a calendar
year.
4. "Tax Credit" shall mean
the Low Income Housing Tax Credit allocated to specific projects under Section
42 (b) of the Code.
5. "State
Qualified Allocation Plan" shall mean the plan to guide the allocation and
monitoring of the Low Income Housing Tax Credit Ceiling in a manner which
addresses State and local housing needs and, where possible, addresses the most
pressing State and local housing needs, fosters community revitalization, saves
social services and public assistance expenses and leverages economic
development.
6. "Housing Credit
Agency" or "HCA" shall mean any State Housing Credit Agency or Local Housing
Credit Agency.
7. "State Housing
Credit Agency" shall mean the New York State Division of Housing and Community
Renewal or any other New York State agency, governmental unit or public benefit
corporation concerned with housing and designated by the Commissioner as an
HCA, within the meaning of section 42 (h) (7) (A) of the Code. The Division of
Housing and Community Renewal shall be the main HCA in New York
State.
8. "Local Credit Agency" or
"LCA" shall mean any political subdivision, or any other local governmental
unit or issuing authority concerned with housing and designated by the
Commissioner as an HCA, within the meaning of Section 42 (h) (7) (A) of the
Code.
B. Allocation of
Low Income Housing Credit Ceiling
1. The
Commissioner shall, in accordance with the State Qualified Allocation Plan,
allocate the annual Low Income Housing Credit Ceiling to State and Local
Housing Credit Agencies.
2. The
Commissioner shall monitor the allocation of Tax Credits to insure that at
least 10 percent of the overall Low Income Housing Tax Credit Ceiling is
reserved and set aside for use by qualified non-profit organizations that
materially participate in the development and operation of projects. The
Commissioner may increase an allocation of the Low Income Housing Tax Credit
Ceiling in order to insure sufficient means to implement a complete program of
credit activity and provide for innovative initiatives for addressing State and
local housing needs.
3. State and
Local Housing Credit Agencies that seek to receive an initial allocation of the
Low Income Housing Tax Credit Ceiling shall submit an application to the
Commissioner as specified by the Commissioner on or before January 1 of each
calendar year. The application shall include:
a. a qualified allocation plan, as defined by
the Code;
b. a request for an
allocation of Low Income Housing Tax Credit Ceiling consistent with the
qualified allocation plan;
c. a
certification that all necessary steps will be taken to fulfill the
responsibilities of an HCA as set forth under the Code and that the applicant
will comply with all procedures and guidelines promulgated by the Commissioner;
and d. such other information as the Commissioner may require.
4. The Commissioner shall make an
initial allocation of the Low Income Housing Tax Credit Ceiling to HCAs within
thirty days of receipt of the HCA applications as specified above, and by
February 15 of each calendar year or as soon thereafter as practicable. The
Commissioner from time to time may make additional allocations to such credit
agencies from the Statewide Reserve.
5. After receiving an allocation of the Low
Income Housing Tax Credit Ceiling from the Commissioner, each HCA shall submit
to the Commissioner on July 1 of each calendar year a report on the progress of
its program which shall include a statement of the amount of its Low Income
Housing Tax Credit Ceiling that is expected to remain unused. On and after
September 15, or as soon thereafter as practicable, any of the Low Income
Housing Tax Credit Ceiling which the Commissioner determines is likely to
remain unused shall revert to the Statewide Reserve for reallocation by the
Commissioner.
C.
Procedures and Guidelines
The Commissioner is authorized to establish procedures and
guidelines to implement the provisions of this order. Such procedures and
guidelines shall set forth the amount of the Low Income Housing Tax Credit
Ceiling for the State and provide guidance to HCA's in applying for an
allocation and submitting reports and certifications sufficient to enable the
Commissioner to make any report required by Section 42 of the Code and this
Executive Order. Such procedures and guidelines may address processing and
monitoring costs and any other matters the Commissioner deems
appropriate.
D.
Effectiveness
Nothing contained in this order shall be deemed to
supersede, alter or impair any provision of the Act, or any regulations
promulgated thereunder. Executive Order No. 135, issued on February 27, 1990,
is hereby revoked and superseded by this Executive Order as of the date
hereof.
Signed: Andrew M. CuomoDated: March 2, 2011
[FN*] [Revokes and supersedes Executive Order No. 135
(Mario M. Cuomo), §
4.135, supra.]
