Specifies that low-income housing tax credits may be issued both for projects creating new housing and projects renovating and preserving existing housing, nullifying a DHCR determination that projects for the renovation and preservation of existing housing do not qualify.

This bill allows low-income housing tax credits to be used for both building new housing and for renovating and preserving existing homes. It overrides a previous decision by the Department of Homes and Community Renewal (DHCR) that stated renovation projects did not qualify for these tax credits. This change aims to support the improvement of existing housing options for low-income residents.

Supporters of the bill argue that it will help address the critical need for affordable housing by incentivizing the renovation of existing homes. They believe that preserving current housing stock is just as important as building new units, ensuring that low-income families have access to safe and stable living conditions.

Critics may argue that the bill could divert essential funding away from new housing projects, which are also necessary to combat the housing crisis. They might express concern that focusing on renovations could lead to insufficient investment in building new homes, ultimately failing to meet the growing demand for affordable housing.