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Action Alert: Tax Credit Programs

The Senate has passed the Revenue Budget Bill, which included the deferral of over 30 state tax credits, including the State Low Income Housing Credit, the Brownfields Tax Credit and the Historic Rehabilitation Tax Credit, as part of passing the NYS budget for this fiscal year.

A bill has been introduced in the Senate, S8460, to effectively repeal the deferral of these three state housing tax credits. Please call your Senators and ask them to co-sponsor S8460, which amends the Revenue Budget Bill, to eliminate the deferral of the State Low-Income Housing Credit, the Historic Rehabilitation Tax Credit and the Brownfields Tax Credit.

These three tax credit programs are vital to the construction and rehabilitation of affordable housing throughout New York State. A deferral of state housing tax credits will not only harm future affordable housing development, but will put in jeopardy projects relying on or underwritten with state tax credits to be placed in service in 2010, 2011 or 2012.

Affordable housing construction is a proven job and revenue creator – the deferral could not only stall affordable housing development, but also harm job growth and income revenue to the state.

Furthermore, because large national investors seeking to provide equity for NYS projects of any type will be limited to $2 million in total NYS credits in any one year, they could be forced to shift investment to projects in other states.

Senate Housing Chair, Pedro Espada, has introduced S8460 - please call your state senators today, asking them to co-sponsor this chapter amendment to the revenue budget bill, to eliminate the state housing tax credit deferrals.

Please also ask Senate Democratic Conference Leader John Sampson to co-sponsor S8460. You can contact Paul Rivera in Sampson's office at 518-455-2715.

Thank you for your continued advocacy!

Click the link below to log in and make your call:
http://www.votervoice.net/link/target/nyshousing/FgJ6FW7N.aspx