New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle A - Governor's Office › Chapter I - Executive Orders › Part 8 - Executive Orders (Andrew M. Cuomo) › Section 8.11 - Executive order no. 11: prescribing procedures to allocate the state low income housing credit under section 42 of the united states internal revenue code

Current through Register Vol. 46, No. 28, July 10, 2024
WHEREAS, section 42 of the United States Internal Revenue
					 Code ("the Code") establishes a federal tax credit for housing persons of low
					 income to be administered by state housing agencies ("Low Income Housing Tax
					 Credit");
WHEREAS, the Code authorizes the governor of each state to
					 establish a formula for allocating the Low Income Housing Tax Credit limit
					 among governmental units and other issuing authorities in the State;
WHEREAS, the Code requires that the allocation of Low
					 Income Housing Tax Credits be coordinated by a single state housing
					 agency;
WHEREAS, the Code requires each agency allocating the Low
					 Income Housing Tax Credits to prepare a qualified allocation plan which sets
					 forth the criteria and preferences by which Low Income Housing Tax Credits will
					 be allocated to projects;
WHEREAS, the amount of the Low Income Housing Tax Credit
					 Ceiling is established pursuant to the Revenue Procedure for each calendar
					 year, based upon the most recent population estimate released by the United
					 States Bureau of the Census;
WHEREAS, the Low Income Housing Tax Credit should be
					 allocated in a manner which maximizes the public benefit by addressing the
					 State's need for low income housing and community revitalization incentives in
					 distressed areas of the State;
NOW, THEREFORE, I, Andrew 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, do hereby order as follows:
A. Definitions
As used herein, the following terms shall have the
					 following meanings:
1. "Code" shall
				  mean the United State Internal Revenue Code.
2. "Commissioner" shall mean the Commissioner
				  of the Division of Housing and Community Renewal.
3. "Low Income Housing Tax Credit Ceiling"
				  shall mean the dollar amount of allocation authority apportioned to New York
				  State pursuant to the Revenue Procedure referenced in the Code for a calendar
				  year.
4. "Tax Credit" shall mean
				  the Low Income Housing Tax Credit allocated to specific projects under Section
				  42 (b) of the Code.
5. "State
				  Qualified Allocation Plan" shall mean the plan to guide the allocation and
				  monitoring of the Low Income Housing Tax Credit Ceiling in a manner which
				  addresses State and local housing needs and, where possible, addresses the most
				  pressing State and local housing needs, fosters community revitalization, saves
				  social services and public assistance expenses and leverages economic
				  development.
6. "Housing Credit
				  Agency" or "HCA" shall mean any State Housing Credit Agency or Local Housing
				  Credit Agency.
7. "State Housing
				  Credit Agency" shall mean the New York State Division of Housing and Community
				  Renewal or any other New York State agency, governmental unit or public benefit
				  corporation concerned with housing and designated by the Commissioner as an
				  HCA, within the meaning of section 42 (h) (7) (A) of the Code. The Division of
				  Housing and Community Renewal shall be the main HCA in New York
				  State.
8. "Local Credit Agency" or
				  "LCA" shall mean any political subdivision, or any other local governmental
				  unit or issuing authority concerned with housing and designated by the
				  Commissioner as an HCA, within the meaning of Section 42 (h) (7) (A) of the
				  Code.