Division of Housing Releases Proposal to Distribute Tax Credits

ALBANY, NY (11/01/2007)(readMedia)-- Deborah VanAmerongen, commissioner of the Division of Housing and Community Renewal (DHCR) today announced the release of the proposed Qualified Allocation Plan (QAP) that will help set guidelines for the distribution of millions of dollars worth of Federal and State Low Income Housing Tax Credits to affordable housing developers.

Commissioner VanAmerongen said, “This plan will help us achieve Governor Spitzer's goals of preserving affordable housing, revitalizing upstate communities, encouraging smart growth and energy efficiency and coordinating all available housing resources to maximize their efficiency and benefits."

The proposed QAP provides for set asides for projects that preserve existing affordable housing and for projects that provide services for persons with special needs. All projects will be required to incorporate green building design principles and enhanced energy efficiency.

Projects that address specific needs within the community and coordinate efforts with local Governments are given special consideration. Proposals will be encouraged to include units that offer enhanced accessibility for persons with physical disabilities.

Ted Houghton, executive director of The Supportive Housing Network of New York, praised DHCR for "seeking input from all their private and public sector partners in developing the proposed QAP." The Draft plan includes contributions from housing advocates, not for profit and private housing developers, supportive housing providers, lenders and investors from across New York State.

Houghton said the Network’s nonprofit developers are pleased that the proposed changes in the QAP "will encourage the development of more permanent, affordable and cost-effective supportive housing for our most vulnerable neighbors -- low-income, disabled and formerly homeless families and individuals."

In developing the proposal, DHCR also held a series of forums in Albany, Rochester and New York City with experienced developers, owners, lenders and investors in housing financed with the federal tax credit.

The public is invited to comment on the proposed QAP in writing and/or to participate in a public hearing scheduled for January 3, 2008. The draft version of the QAP, detailing the changes being proposed, is available on the DHCR website: www.dhcr.state.ny.us

-30-