Establishes an optional local tax exemption for affordable multi-family housing, to be implemented by cities, towns and villages based on recommendations developed by the division of housing and community renewal for each economic development region.
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.
Establishes the historic preservation tax credit transfer program to provide flexibility and incentives for businesses which rehabilitate historic properties to further promote the development of affordable housing.
Establishes a housing infrastructure tax credit to provide a credit of up to ten percent of costs for infrastructure projects related to the construction of new homes or multiple dwellings commenced and completed within a specific time period.
Establishes the shovel-ready housing program under which certain municipalities, at their option, may pre-authorize parcels of property for the construction of housing; establishes a shovel-ready community tax rebate for taxpayers residing in municipalities that opt-in to the shovel-ready housing program; provides for annual apportionment to municipalities that have certified participation in the shovel-ready housing program.
This bill expands an existing tax credit for farmers to cover the cost of constructing housing for farm workers. It specifically allows farmers to claim the credit for standard construction materials and labor used to build residential housing occupied by workers employed in their farming operations. The change modifies the tax law to include housing construction under the "eligible costs" for the credit, which previously applied only to equipment and production-related property. This directly affects farmers who build housing for their agricultural workforce in New York. The policy change is a straightforward expansion of an existing tax incentive, with no new eligibility requirements beyond the current credit framework.
This bill (S 107) grants tenant associations in "assisted rental housing" (buildings with federal/state rent controls or subsidies) the right to purchase their building before it converts to market-rate housing. Tenant associations representing at least 60% of occupied units can submit a written offer to buy at the property's appraised value within 120 days of a potential sale, before the owner accepts a third-party offer. The bill defines "affordable" as rents not exceeding 30% of household income or prior rent restrictions, and requires the purchase to maintain long-term affordability. It applies specifically to properties participating in programs like Section 8 or HUD-subsidized housing, giving tenants priority to prevent displacement.
Creates a pilot program to encourage homeownership among persons and groups who are currently underrepresented in homeownership and/or have seen a marked decline in rates of homeownership over the last decade; provides for the repeal of such provisions upon the expiration thereof.
Alters tax exemption programs for the development of new and affordable housing; defines "initial construction period" and "extended construction period"; makes related changes.
Specifies that low-income housing tax credits may be issued both for projects creating new housing and projects renovating and preserving existing housing, nullifying a DHCR determination that projects for the renovation and preservation of existing housing do not qualify.
