Albany, NY - March 31, 2011 - Members of the New York Housing Conference's (NYHC) Young Leadership Council (YLC) met with housing leaders in Albany to kick-off an advocacy campaign to improve the State's tax credit program. The goal of the campaign is to have the law amended to allow the New York State Low Income Tax Credit program to be bifurcated.
(From L-R: Chris Herrmann, Senator Catharine Young, Carolyn Miller, Meghan Fennelly)
YLC Co-chair Chris Herrmann of Enterprise Community Investment, Inc. and YLC members Meghan Fennelly of Nixon Peabody LLP and Carolyn Miller of Cannon Heyman & Weiss, LLP were joined by NYHC CEO Judy Calogero in meeting with housing leaders from both the legislature and New York State Homes and Community Renewal (HCR) to call for the much needed change to the SLIHC program, as proposed by the NYHC Policy Priorities statement.
Bifurcation of the SLIHC would permit separate investors to purchase the state and federal tax credits, increasing demand and pricing for the SLIHC without requiring any increase in state funding. It is estimated that bifurcation would result in a 10% increase in the value of the New York State tax credits.
The group presented the proposed bill to Assemblyman Vito Lopez, Chair of the Assembly Committee on Housing, and Senator Catharine Young, Chair of the Senate Committee on Housing, Construction and Community Development. Both legislators provided positive feedback and expressed their encouragement toward the amendment. Assemblyman Lopez conveyed his willingness to sponsor the bill in the Assembly and Senator Young indicated that she would be interested as a possible sponsor pending review of the potential administrative burden and the provision of further information in support of YLC's findings. Further information is currently being collected from other states with low income housing tax credits that allow bifurcation on how those states have dealth with this option administratively.
A meeting was also held at HCR with Commissioner/CEO Brian E. Lawlor. The Commissioner expressed great interest in the issue and agreed to review the proposed bill and provide his comments.
The proposed bifurcation amendment was drafted with assistance from the following YLC members:
The YLC will be following up with both members of the legislature and other leaders in Albany in order to maintain the momentum created by these advocacy efforts. With continued support, this bill could be submitted and passed during the 2011 legislative session.
A copy of the proposed bill, memorandum in support and related documents are linked here and available at the NYHC website or by calling the NYHC offices.
Byline: Carolyn Miller, YLC Member, Associate Attorney, Cannon Heyman & Weiss, LLP