This bill amends the private housing finance law to modify local tax exemptions for certain limited-profit housing projects. For these projects located in cities with a population of one million or more, it sets the maximum amount of local and municipal taxes to be paid at zero percent of the annual shelter rent or carrying charges. This effectively removes the previous minimum tax requirement tied to a percentage of shelter rent or 1973 tax levels for these projects. For projects in other municipalities, the local legislative body retains the ability to consent to similar tax reductions, with such consent requiring renewal every ten years.
Establishes the USDA construction tax credit for a percentage of the profit on any newly constructed home that is sold to someone qualifying with a USDA mortgage.
Establishes an affordable housing program to be administered by the division of homes and community renewal which will provide loans or grants to certain property owners; provides that property owners receiving such loans or grants shall rent such property for no more than thirty-three percent of a tenant's income.
This bill adds broadband access as a scoring factor in New York State's low-income housing tax credit program. It requires housing projects applying for tax credits to commit to using end-to-end fiber-optic broadband infrastructure to receive preference during application evaluation. The change directly affects developers seeking low-income housing tax credits by making fiber broadband access a key consideration in project rankings. The policy update modifies how projects are scored but does not mandate broadband installation, only prioritizing applications that commit to it.
Directs the commissioner of housing and community renewal to create and maintain a database of vacant residential housing units, and to create an affordable housing development program; imposes a tax on vacant residential housing units; creates an affordable housing development program fund.
Relates to low or moderate income housing developments; allows local zoning boards of appeals to approve affordable housing developments; provides for an appeals process to the division of housing and community renewal; creates a state zoning board of appeals within the division to hear such appeals; directs the division to conduct a study to integrate low income housing tax credit applications with the zoning application process under this act.
This bill increases the New York City Housing Development Corporation's (NYCHDC) bonding authority from $19 billion to $20 billion, allowing it to issue more bonds for affordable housing projects. The key change modifies the legal limit on outstanding bonds, directly affecting NYCHDC's ability to finance new housing developments and renovations. The amendment clarifies the calculation for determining the bonding limit while maintaining reserve fund requirements. This is a straightforward financial authorization change with no new program requirements or eligibility rules.
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 a housing project revolving loan program and housing project revolving loan fund to encourage the development of mixed income housing by providing zero-percent interest or low-interest loans.
Directs the commissioner of housing and community renewal, in consultation with the director of the budget and the commissioner of taxation and finance, to conduct a study to examine the efficacy of the creation of a statewide affordable housing agency whose sole mission is to directly build affordable housing utilizing state funds and employing residents of the state to accomplish such construction of affordable housing.
