New York

HUD’s Economic and Market Analysis Division regularly publishes Comprehensive Housing Market Analysis reports for regions across the country.

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).

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.

Two pieces of affordable housing legislation, S.4758C and S.6480, were recently introduced by Senator Catharine Young in the New York State Senate.

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.

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.

The Internal Revenue Service (IRS) published Revenue Service 2011-57 which dictates the amounts of unused housing credit carryover allowances allocated to qualified states. Nearly $3.66 million of unused credits were divided among the states in the National Pool.

New York Governor Andrew Cuomo recently signed legislation that allows New York State Housing Finance Agencies (HFAs) including the New York City Housing Development Corporation (HDC) and the New York State Housing Finance Agency (HFA) to issue unrated bonds for private placement in order to finance affordable housing developments.

The Internal Revenue Service (IRS) has issued Notice 2011-87 to announce the temporary suspension of certain requirements for low-income housing tax credit projects in order to provide emergency housing relief to individuals affected by Hurricane Irene and/or Tropical Storm Lee in New York.

A New York law allows municipalities outside of certain counties to adopt a new real property tax exemption for the construction or substantial rehabilitation of multiple dwellings.

The New York State Homes & Community Renewal (HCR) agency announced 35 award recipients for the State’s competitive Unified Funding (UF) awards program that leverages $78 million in low-interest loans and tax credits to build and preserve over 2,200 units of affordable housing. This unique State program combines the funding rounds of three major development programs that aim to increase the availability of quality affordable housing.

New York Governor Andrew Cuomo recently signed a pair of affordable housing bills sponsored by Senator Catharine Young.