Increases the cap on housing development credits for fiscal year 2024 and subsequent years.

This bill amends the housing development incentive program by increasing the cap on credits that the Department of Housing and Community Development (DHCD) can authorize. For fiscal year 2024, the cap is set at $57,000,000, and for each subsequent year, it is set at $30,000,000. The bill also allows DHCD to authorize any unused portion of the annual cap from previous years and any credits returned by certified housing development projects. Additionally, it raises the maximum amount for certain housing development projects from $2,000,000 to $5,000,000.

Increases the cap on housing development credits for fiscal year 2024 and subsequent years.

This bill amends the housing development incentive program by increasing the cap on credits that the Department of Housing and Community Development (DHCD) can authorize. For fiscal year 2024, the cap is set at $57,000,000, and for each subsequent year, it is set at $30,000,000. The bill also allows DHCD to authorize any unused portion of the annual cap from previous years and any credits returned by certified housing development projects. Additionally, it raises the maximum amount for certain housing development projects from $2,000,000 to $5,000,000.