N.Y. Comp. Codes R. & Regs. tit. 21 § 2188.1

Current through Register Vol. 46, No. 36, September 4, 2024

Section 2188.1 - Introduction

(a) This Qualified Allocation Plan ("Plan" or "QAP") is adopted by the New York State Housing Finance Agency ("Agency" or "HFA") pursuant to Section 42 of the Internal Revenue Code of 1986, as amended ("IRC") and the Treasury Regulations, Revenue Rulings and Procedures, and other publications of the Internal Revenue Service ("Service" or "IRS") with binding authority applicable thereunder (collectively, the "Code"), to govern the allocation or allowance by the Agency of any Low Income Housing Tax Credit ("LIHTC") under IRC Section 42. This plan shall apply to:

(i) the allowance by the Agency of LIHTC to projects financed by obligations subject to the Private Activity Bond Cap, the interest on which is exempt from federal income tax, as provided in IRC §42(h)(4) and

(ii) any allocation of LIHTC to the Agency by as a suballocating agency designated by the New York State Division of Housing and Community Renewal under authority granted by Part 2040 of Title 9 of the New York Codes, Rules and Regulations; In addition, pursuant to IRC §42(m)(1)(B)(iii) and Treasury Regulation 1.42-5, this Plan provides certain procedures that the Agency shall follow in monitoring for noncompliance with the Code and for notifying the IRS thereof.

(b) HFA is generally involved in two kinds of LIHTC projects:

(i) projects from the Agency or

(ii) projects receiving tax exempt bond financing from another issuer, subject to the Private Activity Bond volume cap provisions contained in Section 146 of the Code, and which accordingly may be eligible for so called "Private Activity Bond Credits" "As of Right" or "4%" Credits" if the project complies with the applicable requirements of this QAP. The Agency does not currently expect to receive any sub-allocation of LIHTC from the Division and therefore does not expect to allocate any competitive, 9%, credits. In the event that the Agency receives a sub-allocation, HFA will allocate the credits pursuant to the definitions processes, procedures and requirements in Part 2040 of Title 9 of the New York Official Compilation of Codes, Rules and Regulations which is available on the agency's web site, www.nyshcr.gov.

(c) The Agency may also be involved with other programs or projects pursuant to this QAP in accordance with federal or state mandates.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 2188.1

Amended New York State Register May 26, 2021/Volume XLIII, Issue 21, eff. 5/26/2021