New York

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.

The Internal Revenue Service (IRS) has announced that government entity issuers of tax-exempt bonds affected by Hurricane Sandy may qualify for additional time to file Form 8038 or Form 8038-T returns.

HUD has released information about resources and tools available to assist partners in dealing with the damage caused by Hurricane Sandy at HUD-assisted properties.

Due to Hurricane Sandy, New York State’s Home & Community Renewal (HCR) has announced that it will extend its deadline for Unified Funding applications from November 29, 2012 to January 8, 2013.

Due to the widespread devastation caused by Hurricane Sandy, the President has declared that major disasters exist in Connecticut, New York and New Jersey. In a press release on November 5, the Internal Revenue Service (IRS) announced that the agency will waive certain low-income housing tax credit (LIHTC) rules in order to allow owners of low-income housing to provide temporary shelter to victims of Hurricane Sandy who do not qualify as low-income.

The Internal Revenue Service (IRS) announced in Revenue Procedure 2012-41 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 2013.

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.

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 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).

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.

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.

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.