2018-19 New York State Budget Passed by the State Legislature
NYSAFAH, Mon, Apr 2nd, 2018 3:08:54 am

NYSAFAH Fights to Protect Affordable Housing and Secure A Critical, New Initiative

On Saturday, March 31st, the day before the start of the State's new fiscal year on April 1st, the New York State Legislature passed the last of the several bills that comprise the 2018-19 State budget, including those of particular interest to the housing industry. While Governor Cuomo must still act on the budget bills before they may take effect, it is anticipated he will do so shortly. MORE...

State budget includes provision for affordable housing
Sally Goldenberg, Sun, Apr 1st, 2018 3:59:23 pm

The state budget includes a priority for developers of below-market-rate housing — a decoupling of federal and state tax credits. A bill included in the Fiscal Year 2019 spending plan to separate the financing streams will free up about $25 million in the first year for low and moderately priced rentals, the New York State Association for Affordable Housing has said. Association president Jolie Milstein called the split of state and federal low-income housing tax credits "a crucial provision" in a prepared statement released after the $168.3 billion state deal was struck early Saturday morning. "By allowing these two tax credits to be used separately, state credits will have increased value and will attract tens of millions of dollars per year in additional private financing for affordable housing," Milstein added. "This will help create more affordable housing units and reduce the need for public funding for such projects." The tax credits have long been a popular tool for affordable housing developers in search of financial backers, and buying them has been an equally popular way for banks and other lenders to reduce their federal tax burden while complying with provisions of the Community Reinvestment Act. The reduced tax burden included in the federal tax overhaul last year makes the credits less attractive to lenders, which caused concern in the affordable housing world that the financing would dry up. This action ensures that the state credits can be tapped into even if the federal ones are used less readily. The budget also scrapped a proposal to delay the ability to use a host of tax credits, including brownfield redevelopment credits.

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NYC DOB, Mon, Jan 8th, 2018 4:41:16 am

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