New York
IRS Publishes Unused Housing Credit Carryover Amounts
The Internal Revenue Service (IRS) recently published Revenue Procedure 2012-42, which indicates the amounts of unused Low-Income Housing Tax Credit (LIHTC) carryovers for 2012. These carryovers, which amounts to nearly $2.43 million in unused credits, have been allocated to 34 states.
UPDATE: NYC Mayor Bloomberg Vetoes Controversial Intro 730-A Bill
The New York City Council recently passed a controversial new law, Int. No. 730-A, which amends Title 26 of the City of New York’s Administrative Code to add a new Section 10 entitled “Housing Development Project Reporting Requirements.” On Friday August 24, Mayor Bloomberg vetoed Intro 730-A.
New York State HCR Announces Next Round of Capital Funding
New York State Homes and Community Renewal (HCR) has announced the availability of its latest round of funding for the Low-Income Housing Credit (LIHC), Housing Trust Fund (HTF), HOME Program, and State Low-Income Housing Tax Credit Program (SLIHC).
NY State Senate, Assembly Pass Bill to Boost Historic Tax Credit Cap
The New York State Assembly and Senate have passed legislation (A. 9110/S. 6134) that increases the maximum amount of state historic tax credits that may be awarded to any one project from $5 million to $12 million, and encourages the revitalization of large historic properties across the state.
NY Commercial Tax Credit Case Studies Examines the Plantation Building in Ithaca, NY
The Preservation League of New York State has developed a series of commercial tax credit case studies to illustrate the positive impact of the New York State Rehabilitation Tax Credits.
Sen. Gillibrand Introduces Legislation to Expand Access to LIHTC for Storm Victims
U.S. Senator Kirsten Gillibrand (D-NY) recently introduced the Irene and Lee Tax Relief Storm Recovery Act (S. 3243) which would expand access to the LIHTC and provide affordable housing to families who lost their homes due to destruction caused by Hurricane Irene and Tropical Storm Lee.
New Comprehensive Housing Market Analyses Available
HUD’s Economic and Market Analysis Division regularly publishes Comprehensive Housing Market Analysis reports for regions across the country.
New Chairman of NY Housing Agencies Announced
Governor Cuomo has appointed William Mulrow as Chairman of New York’s housing agencies, including the State Housing Finance Agency (HFA) and the State of New York Mortgage Agency (SONYMA).
New York Announces Realignment of Historic Preservation Offices
The New York State Division for Historic Preservation recently announced a new organizational structure and several related staffing changes to better integrate historic preservation services.
NY Senate Committee Hears Two Pieces of Affordable Housing Legislation
Two pieces of affordable housing legislation, S.4758C and S.6480, were recently introduced by Senator Catharine Young in the New York State Senate.
New York Releases 2012-2013 Executive Budget for DHCR
The New York State Division of Housing & Community Renewal has released its Executive Budget for 2012-2013. The Executive Budget recommends $291.7 million for the DHCR, a $22.35 million decrease from the 2011-12 Budget.
Legislation Introduced to Increase LIHTCs to Storm Victims
Representative Chris Gibson (R-NY) recently introduced the Irene and Lee Tax Relief Strom Recovery Act, H.R. 3769, which would increase the amount of Low-Income Housing Tax Credits (LIHTCs) to be allocated in states damaged by Hurricane Irene or Tropical Storm Lee in 2011.