N.Y. Comp. Codes R. & Regs. tit. 9 § 2040.1
The Tax Reform Act of 1986, as amended, (the "act") establishes a Federal tax credit ("low- income housing credit," "LIHTC" or "credit") administered by state housing agencies for owners of housing for persons of low-income. The act authorizes the governor of each state to allocate the low-income housing credit ceiling among governmental units and other issuing authorities in the state. The act requires that the allocation of credit to owners of low-income housing be coordinated by a single state housing credit agency. The act further requires each agency allocating credits to adopt a qualified allocation plan (the "plan" or the "QAP") which sets forth the criteria and preferences by which credit will be allocated to projects. By Executive Order, the New York State Division of Housing and Community Renewal has been designated as the State Housing Credit Agency to allocate the credit in a manner which maximizes the public benefit by addressing the State's need for low-income housing and community revitalization incentives. In order to provide for the effective coordination of the State's low-income housing credit program with section 42 of the United States Internal Revenue Code (the "code"), this plan shall be construed and administered in a manner consistent with the code and regulations promulgated thereunder.
N.Y. Comp. Codes R. & Regs. Tit. 9 § 2040.1