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History
- Referred to investigations and government operations
Full text
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Sponsor's memo
BILL NUMBER:S7513
Title of bill
An act to amend the tax law, in relation to establishing a tax credit for developers utilizing renewable energy sources in affordable housing units
Purpose
Provides a tax credit to developers using renewable sources of energy, per unit of an affordable housing facility consisting of 10 or more units in order to reduce the cost of utilities that render multi-family housing unaffordable to persons between 30% and less than 100% of the AMI.
Justification
According to US HUD Secretary Donovan the Home Energy Affordability Gap Index based on energy bills for persons below 185 percent of the Federal Poverty Level. Five years ago that gap was at $34 billion and while the estimates for this past winter have yet to be published, the range of increase was approximately 30% to 70% over the prior year. The burden on the poor is more than four times the average 4 percent others pay. Utility cut-offs frequently result in eviction and ultimately in foreclosure. HUD's own programs are affected by energy costs pertaining to heating, lighting, and cooling its portfolio of public and assisted housing and section 8 vouchers. The cost of energy for public multi-family, a reliable tracked index, has been increasing at the rate of $1 billion annually.
In a Harvard study The Relationship Between Home Energy Costs And Energy-Related Remodeling Activity notes that a significant erosion in renter incomes over the past decade has pushed the number of households paying excessive shares of income for housing to record levels and assistance efforts have failed to keep pace with the escalating need. As significant numbers of working class individuals struggle to pay the escalating cost for housing in excess of 30% of their income, the cost of energy is further depleting income causing a negative impact on the economy.
Legislative history
None. New bill.
Fiscal implications
TBD
Effective date
This act shall take effect as part of the next Unified Funding Application issued by HCR.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.