New York

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.

New York City Mayor Michael Bloomberg has announced the appointment of Rafael Cestero as the new Commissioner of the New York City Department of Housing Preservation and Development.

The New York State Division of Housing and Community Renewal has released three new studies reporting on current housing needs in three regions. The studies are on the Mohawk Region, Central Region, and Tier Region.

The New York Division of Housing & Community Renewal (DHCR) in partnership with the New York State Association for Affordable Housing and other development community partners will be creating a new Upstate Equity Fund to encourage banks to invest in low-income housing tax credit projects within their communities.