New York

ICAST’s IRA & BIL Instant Benefit Estimate Calculator is now available on NH&RA’s website under the Resources section.

A change in New York State’s implementation of its 80/20 program aims to give affordable housing developments a boost, and balance demand for tax-exempt bonds issued by the state division of Homes and Community Renewal.

New York City Mayor Bill de Blasio promises to build or preserve 200,000 affordable units over 10 years after making low-income housing a top priority in his 2013 campaign.

“On Tuesday, January 21, Governor Cuomo presented his proposed FY 2014-15 State Budget calling for 1.7% growth in total spending. The plan which includes a $489 million tax cut package provides significant new investments in existing affordable housing programs over the prior year. Most noteworthy is a proposed increase of $33 million for the Homeless […]

The Internal Revenue Service (IRS) announced in Revenue Procedure 2013-35 that it has set the inflation-adjusted State credit ceiling for the Low-Income Housing Tax Credit (LIHTC) program and private activity bond caps for calendar year 2014.

HUD recently announced that the agency will provide a second round of recovery funds to five states and New York City affected by last year’s Hurricane Sandy through the Community Development Block Grant (CDBG) program. These recovery funds are to be used to assist impacted communities to meet remaining housing, economic development and infrastructure needs.

The Internal Revenue Service (IRS) recently published Revenue Procedure 2013-31, which details the amounts of unused Low-Income Housing Tax Credit (LIHTC) carryovers allocated for calendar year 2013.

New York State Homes and Community Renewal (HCR) announced the latest round of available Low-Income Housing Credit (LIHC), Housing Trust Fund (HTF), HOME Program (HOME) and State Low-Income Housing Tax Credit Program (SLIHC) funds, as well as the new Rural and Urban Community Investment Fund (CIF), available through the Unified Funding application process.

New York State Homes and Community Renewal (HCR) released its proposed 2013/14 Qualified Allocation Plan (QAP) for the federal and state Low-Income Housing Tax Credit Programs. They have also announced a series of public hearings to solicit comments on the two plans.

A bipartisan coalition of U.S. lawmakers recently introduced the Hurricane Sandy Tax Relief Act of 2013 (H.R.2137) to provide tax relief for victims of Hurricane Sandy in areas designated as federal disaster areas by the president.

The New York State Senate and Assembly recently passed, and Governor Cuomo signed into law, a state budget bill (Senate Bill 2609D) that extends the state historic rehabilitation tax credit program through 2020.

New York Governor Andrew M. Cuomo in the 2013-2014 state executive budget and management plan proposed a five year extension to the state’s Historic Commercial Properties Rehabilitation tax credit program. The extension would provide assurance to developers who are rehabilitating historic commercial property, or are considering doing so, by extending the existing $5 million per project tax credit and would make the credit refundable beginning in tax year 2015.

At his recent State of the State address, New York Governor Andrew Cuomo announced that New York State will significantly increase its affordable housing investment with a $1 billion program to preserve or produce 14,000 affordable housing units over the next 5 years.