New York Senate Bill S05002

New York 2025-2026 Regular Session

• Introduced: 2/14/25
• Refer: 2/14/25
• Refer: 1/7/26

Caption

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.

Summary

S05002 would require the New York State Division of Housing and Community Renewal (DHCR) to adopt rules for the Low-Income Housing Tax Credit program that give applicants notice when a completed application has been placed on a waiting list. The bill also requires DHCR to provide successful applicants with an expected date of credit allocation, so applicants can better plan their financing and project timelines without repeatedly reapplying, so long as the application’s specifications and qualifications do not materially change. The bill further authorizes DHCR, in administering the tax credit program, to accept or revise the waiting list. In practical terms, the measure is aimed at making the allocation process more transparent and predictable for developers and other entities seeking low-income housing tax credits, while preserving agency discretion over the waiting list and allocation process.

Impact

If enacted, the bill would direct DHCR to promulgate regulations governing notice and waiting-list procedures for the Low-Income Housing Tax Credit program. It would not create a new tax credit, but would change the administrative rules surrounding how applicants are tracked, informed, and scheduled for potential allocation. The affected parties would primarily be affordable housing developers, taxpayers or entities applying for credits, and DHCR as the administering agency.

Sentiment

The available record shows no committee transcript or vote history, so there is no documented floor or committee debate to gauge support or opposition. Based on the bill text alone, the measure appears policy-oriented and administrative, with an emphasis on predictability, transparency, and planning for applicants in the affordable housing finance process.

Contention

The main potential point of contention is the balance between applicant certainty and agency flexibility. Supporters would likely favor the required notice, waiting-list placement, and expected allocation date because they reduce uncertainty and help project financing. Any concerns would likely focus on the bill’s requirement that DHCR provide expected allocation dates and its authority to accept or revise the waiting list, which could raise questions about administrative burden, timing accuracy, and how much discretion the agency should retain in managing the credit program.