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History
- Referred to housing, construction and community development
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7527
Title of bill
An act to amend the public housing law, in relation to low income housing tax credit eligibility
Purpose
The bill expands the eligibility threshold for tenants in state LIHTC multi-family developed properties to up to 125% of AMI or less.
Justification
The AMI for the City of New York as of December 2013 increased to $63,000 per annum. Currently forty-six percent of New Yorkers are considered poor or almost poor. The current eligibility threshold of 60% of AMI as the LIHTC maximum, excludes households of 2-4 members. Consider that the starting salary for a sanitation worker is $33,746. Were that person to marry a teacher starting a career at a salary of $44,370, their combined salary of $78,116 would exclude them as well as a food service worker and a cook with starting salaries of $23,000 and $24,000 respectively and a combined salary of $47,000.
Area Median Income (AMI)
Household 30% of AMI 50% of 60% of AMI 80% Size AMI AMI (very low (low income (extremely income) housing tax (low credit low income) maximum) income)
1 $18,050 $30,100 $36,120 $48,100
2 $20,600 $34,400 $41,280 $55,000
3 $23,200 $38,700 $46,440 $61,850
4 $25,750 $42,950 $51,540 $68,700
This bill would incentivize developers to create housing for the working poor wherein a family of two, three or four facing a the challenge of finding affordable housing in an environment. If we consider that as of April, 2014, the average rent in the City is $3,017 per month and $2,899 for an average apartment within ten miles of the City, it is clear that there exists an affordable housing gap for households earning 100% of the AMI or slightly more.
To keep the essential service, municipal, administrative, health care and educator workforce accessible to meet the needs of the City it is necessary to provide affordable housing.
Legislative history
None. New bill.
Fiscal implications
TBD
Effective date
This act shall take place immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.