New York

The New York State Senate is considering legislation related to conveyances involving real property financed with federal low-income housing tax credits.

Governor David Paterson today (7/29) signed into law legislation that improves the New York State Historic Rehabilitation Tax Credit program.

Governor David A. Paterson signed into law new legislation that will extend affordable housing for another 30 years to the tenants of the Starrett City housing complex in Brooklyn, the nations largest publicly assisted affordable housing complex.

New York State Assembly member Sam Hoyt and Senator David Valesky (Dem.) announced on July 17, 2009 that the New York State Legislature passed legislation (A.9023/S.6056) to create an expanded historic preservation tax credit program that will offer opportunities for economic development and job creation while utilizing existing infrastructure.

U.S. Department of Housing and Urban Development Secretary Shaun Donovan yesterday announced that HUD has approved requests from 26 states for over $1 billion in funding through the Tax Credit Assistance Program (TCAP), provided by the American Recovery and Reinvestment Act of 2009 (ARRA).

The New York Department of Housing and Community Renewal (DHCR) has published a report, Statewide Affordable Housing Needs Study under its Office of Policy Research and Development.

The New York State Senate this week unanimously passed S2960, which strengthens the state’s historic rehabilitation tax credit program. The legislation will expand reinvestment in distressed New York communities and improve the program’s ability to implement cost saves strategies.

Proposed legislation to expand the New York state historic rehabilitation tax credit has passed the Finance Committee and will be sent to the full senate this week, where it is expected to pass.

NH&RA will continue to update the ARRA resource page below as information is made available.

Assembly member Sam Hoyt (D-Buffalo) and Senator David Valesky (D-Syracuse) have introduced A.6471-A/S.2960-A which provides a 20% NYS rehabilitation credit, with a cap of $5 million per project, for users of the federal rehabilitation credit on qualified commercial structures in New York State.

New York Governor David Paterson has announced $253 million in affordable housing grants through the American Recovery and Reinvestment Act. These nine New York projects are the first in the U.S. to receive funding through the Tax Credit Assistance Program (TCAP), one of the housing relief provisions contained in ARRA.

New York’s state historic rehabilitation tax credit would be expanded by newly introduced bills.