S 5002: Directs the commissioner of the New York state division of housing and community renewal to promulgate rules and regulations to provide a taxpayer or entity having applied for the low-income housing tax credit and certified by the division of housing and community renewal with a notice of placement on a waiting list upon the submission of a completed application.

  
  STATE OF NEW YORK ________________________________________________________________________ 5002 2025-2026 Regular Sessions  IN SENATE February 14, 2025 ___________ Introduced by Sen. HINCHEY -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development AN ACT in relation to directing the commissioner of the New York state division of housing and community renewal to promulgate rules and regulations relating to the low-income housing tax credit The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The commissioner of the New York state division of housing 2 and community renewal shall promulgate rules and regulations to provide 3 a taxpayer or entity having applied for the low-income housing tax cred- 4 it and certified by the division of housing and community renewal with a 5 notice of placement on a waiting list upon the submission of a completed 6 application. Such rules and regulations shall include the provision of a 7 date of expected credit allocation delivered to the successful appli- 8 cants to allow for successful applicants to financially plan without the 9 need for continuous applications provided that the submitted specifica- 10 tions and qualifications of the application do not substantially change. 11 The commissioner of the New York state division of housing and community 12 renewal, in administering the provisions of the low-income housing tax 13 credit program, shall have the authority to accept or make revisions to 14 the waiting list. 15 § 2. This act shall take effect on the one hundred eightieth day after 16 it shall have become a law. Effective immediately, the addition, amend- 17 ment and/or repeal of any rule or regulation necessary for the implemen- 18 tation of this act on its effective date are authorized to be made and 19 completed on or before such effective date. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09849-01-5