QAP Revision History
Current QAP
HFA most recently amended its Qualified Allocation Plan ("QAP") to comply with provisions of the Housing and Economic Recovery Act ("HERA") of 2008 (P.L. 110-289), effective on July 7, 2010, and the American Recovery and Reinvestment Act ("ARRA") of 2009 (P.L. 111-5), and to update procedural references in the QAP. A Notice of Adoption regarding the changes in the QAP was published in the State Register on July 7, 2010. The following documents are available at the links below:
- Notice of Adoption (published July 7, 2010)
- Notice of Proposed Rule Making (published November 4, 2009)
- Current QAP (as amended July 7, 2010)
- Comparison of Current QAP to QAP effective February 13, 2008
- Summary of Recent Changes in the QAP
Prior Revision History
HFA last amended its Qualified Allocation Plan ("QAP") effective upon publication in the State Register on February 13, 2008 to permit applications to HFA for Low-Income Housing Tax Credits ("LIHTC") for projects financed by Private Activity Bonds issued by other agencies. Before such amendment was adopted, HFA had typically allocated LIHTCs to projects for which it had providing financing. Under HFA's previous QAP, allocations and allowances of LIHTCs were made as part of its overall financing process for residential rental projects located in New York State. There was no LIHTC application procedure for projects that were not seeking other financing from HFA.
However, HFA anticipated that it will receive applications for LIHTCs from projects financed by tax-exempt bonds issued by entities other than HFA. The New York State Division of Housing and Community Renewal ("DHCR"), which previously allocated LIHTC to these projects, proposed a change in regulations that became effective on February 13, 2008, which effectively transfers to HFA the allocation and monitoring responsibilities related to LIHTC for projects financed by Private Activity Bonds.
QAP Revision Process
The QAP revision process is governed by the requirements of both §42 of the Internal Revenue Code and the State Administrative Procedures Act. Pursuant to both the Internal Revenue Code and SAPA, the agency provides opportunities to the public for comments during the revision process.
Copies of documents relating to prior revisions of the QAP are available below:
- Final QAP as of February 13, 2008
- Notice of Proposed Rule Making (published on November 28, 2007)
- Proposed draft QAP as of October 23, 2007
- Comparison of the October 23, 2007 draft QAP to the final QAP as of February 13, 2008
Last updated: 7/15/2010 10:04:51 AM
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