New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle A - Governor's Office › Chapter I - Executive Orders › Part 4 - Executive Orders (Mario M. Cuomo) › Section 4.91 - Executive order no. 91: prescribing procedures to allocate the state low income housing credit under the tax reform act of 1986

Current through Register Vol. 46, No. 28, July 10, 2024
WHEREAS, The Tax Reform Act of 1986 ("act") establishes a
					 Federal tax credit for housing persons of low income, to be administered by
					 each state's housing agency;
WHEREAS, The amount of the low income housing credit
					 ceiling for New York State is $1.25 per resident annually for calendar years
					 1987, 1988 and 1989, based on the most recent population estimate released by
					 the United States Bureau of the Census before the beginning of the calendar
					 year to which the ceiling applies, or a limit of approximately $22,500,000 for
					 1987;
WHEREAS, The allocation of the low income housing credit
					 ceiling to particular projects will confer an economic benefit upon those
					 projects and will require that all allocations of low income housing credits be
					 coordinated by a single State housing agency in order to meet the requirements
					 of the act relating to the limitation;
WHEREAS, To maximize the public benefit of the low income
					 housing credit, its application to projects and programs in New York State
					 requires an allocation of the $22,500,000 limitation for 1987 to State and
					 local governmental units and issuing authorities for further allocation to
					 particular projects;
WHEREAS, To maximize the public benefit of the low income
					 housing credit, balanced consideration should be given to the low income
					 housing needs and community revitalization incentives for the entire State,
					 particularly in distressed areas of the State; and
WHEREAS, The act authorizes the governor of each state to
					 proclaim a formula for allocating the low income housing credit limit among
					 governmental units and other issuing authorities in the state:
NOW, THEREFORE, I, Mario M. Cuomo, Governor of the State of
					 New York, by virtue of the authority vested in me by the Constitution and laws
					 of the State of New York and the Tax Reform Act of 1986, do hereby proclaim and
					 order as follows:
I. Definitions
A. Code shall mean the United States Internal
				  Revenue Code of 1986, as amended.
B. Director of Housing shall mean the
				  Commissioner of Housing and Community Renewal of the State of New York acting
				  as the commissioner and in the position of Director of Housing pursuant to
				  Executive Order No. 67 [§
											4.67] . If the position of Director
				  of Housing is vacant, during the period of such vacancy the commissioner shall
				  exercise the powers, functions and duties of the director for the purposes of
				  this Order.
C. Housing credit
				  agency shall mean any State housing credit agency or local housing credit
				  agency.
D. Local housing credit
				  agency shall mean any political subdivision, or any other local governmental
				  unit or issuing authority concerned with housing and designated by the director
				  as a housing credit agency, within the meaning of section 42(h)(7)(A) of the
				  code.
E. Low income housing credit
				  shall mean the credit available under section 42(b) of the code.
F. Low income housing credit ceiling shall
				  mean the housing credit ceiling for a calendar year applicable to the State
				  under section 42(h)(3)(C) of the code.
G. State housing credit agency shall mean the
				  New York State Division of Housing and Community Renewal, the New York State
				  Housing Finance Agency, the New York State Housing Trust Fund Corporation, the
				  New York State Mortgage Loan Enforcement and Administration Corporation as
				  agent for the New York State Urban Development Corporation and the New York
				  State Project Finance Agency, the State of New York Mortgage Agency, and any
				  other State agency or governmental unit concerned with housing and designated
				  by the Governor as a housing credit agency, within the meaning of section
				  42(h)(7)(A) of the code.