Section 22. Allowance of credit, amount and limitations

1. A taxpayer
  subject  to  tax  under  article  nine-A,  twenty-two,   thirty-two   or
  thirty-three  of  the  tax  law  which  owns  an interest in one or more
  eligible low-income buildings shall be allowed a credit against such tax
  for  the  amount  of  low-income  housing  credit   allocated   by   the
  commissioner  to  each  such building. Except as provided in subdivision
  two of this section, the credit amount so allocated shall be allowed  as
  a credit against the tax for the ten taxable years in the credit period.
    2.  Adjustment  of  first-year  credit  allowed  in eleventh year. The
  credit allowable for the first taxable year of the  credit  period  with
  respect  to  any  building  shall be adjusted using the rules of section
  42(f)(2) of the internal revenue code (relating to first-year adjustment
  of qualified basis by  the  weighted  average  of  low-income  to  total
  residential  units), and any reduction in first-year credit by reason of
  such adjustment shall be allowable for the first taxable year  following
  the credit period.
    3.  Amount of credit. Except as provided in subdivisions four and five
  of this section, the amount of low-income housing credit  shall  be  the
  applicable percentage of the qualified basis of each eligible low-income
  building.
    4.  Statewide  limitation. The aggregate dollar amount of credit which
  the commissioner may allocate to  eligible  low-income  buildings  under
  this  article  shall  be  twenty-four  million  dollars.  The limitation
  provided by this subdivision applies only to allocation of the aggregate
  dollar amount of credit by the  commissioner,  and  does  not  apply  to
  allowance  to  a  taxpayer  of  the  credit  with respect to an eligible
  low-income building for each year of the credit period.
    5. Building limitation. The dollar amount of credit allocated  to  any
  building  shall  not  exceed  the  amount the commissioner determines is
  necessary for the financial feasibility of the project and the viability
  of the building as an eligible low-income building throughout the credit
  period. In allocating a dollar amount of credit  to  any  building,  the
  commissioner  shall  specify  the  applicable percentage and the maximum
  qualified basis which may be taken into account under this article  with
  respect  to  such  building.  The  applicable percentage and the maximum
  qualified basis with respect to a building shall not exceed the  amounts
  determined  in  subdivisions  one  and  six,  respectively,  of  section
  twenty-one of this article.
    6. Long-term commitment to  low-income  housing  required.  No  credit
  shall  be  allowed under this article with respect to a building for the
  taxable year unless an extended  low-income  housing  commitment  is  in
  effect  as  of  the  end  of  such  taxable  year.  For purposes of this
  subdivision, the term "extended low-income housing commitment" means  an
  agreement  between  the  taxpayer  and  the  commissioner  substantially
  similar to  the  agreement  specified  in  section  42(h)(6)(B)  of  the
  internal revenue code.
    7. Credit to successor owner. If a credit is allowed under subdivision
  one  of this section with respect to an eligible low-income building and
  such building (or an interest therein) is sold during the credit period,
  the credit for the period after the sale which would have been allowable
  under such subdivision one to the prior owner had the building not  been
  sold  shall  be  allowable to the new owner. Credit for the year of sale
  shall be allocated between the parties on the basis  of  the  number  of
  days during such year that the building or interest was held by each.