New York

The Internal Revenue Service (IRS) published Revenue Service 2011-57 which dictates the amounts of unused housing credit carryover allowances allocated to qualified states. Nearly $3.66 million of unused credits were divided among the states in the National Pool.

New York Governor Andrew Cuomo recently signed legislation that allows New York State Housing Finance Agencies (HFAs) including the New York City Housing Development Corporation (HDC) and the New York State Housing Finance Agency (HFA) to issue unrated bonds for private placement in order to finance affordable housing developments.

The Internal Revenue Service (IRS) has issued Notice 2011-87 to announce the temporary suspension of certain requirements for low-income housing tax credit projects in order to provide emergency housing relief to individuals affected by Hurricane Irene and/or Tropical Storm Lee in New York.

A New York law allows municipalities outside of certain counties to adopt a new real property tax exemption for the construction or substantial rehabilitation of multiple dwellings.

The New York State Homes & Community Renewal (HCR) agency announced 35 award recipients for the State’s competitive Unified Funding (UF) awards program that leverages $78 million in low-interest loans and tax credits to build and preserve over 2,200 units of affordable housing. This unique State program combines the funding rounds of three major development programs that aim to increase the availability of quality affordable housing.

New York Governor Andrew Cuomo recently signed a pair of affordable housing bills sponsored by Senator Catharine Young.

The U.S. Department of Housing and Urban Development (HUD) today released revised fiscal year (FY) 2011 income limits for certain areas.

New York State Homes and Community Renewal (HCR) Commissioner Darryl Towns recently notified New Yorkers that protections will continue for tenants in rent regulated housing while the state legislature negotiates, despite the expiration of the state’s rent protection law on June 24, 2011.

Governor Andrew M. Cuomo recently announced passage of the greatest expansion of New York rent regulations in 40 years.

New York Governor Andrew M. Cuomo last week hosted a reception and swearing in ceremony for Darryl C. Towns, Commissioner/CEO of New York State Homes and Community Renewal (HCR).

New York Governor Andrew M. Cuomo recently announced the passage of the 2011-2012 state budget.

New York City Mayor Michael Bloomberg has named Mathew Wambua as the new commissioner of the city’s Department of Housing Preservation and Development (DHPD).