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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to housing, construction and community development
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the administrative code of the city of New York, in relation to certain exemptions on multiple dwellings
Purpose or general idea of bill
The purpose of this bill is to change the calculation of the income eligibility criteria for new housing construction participating in the 421-a property tax benefit program so that such calculation is not distorted by income levels outside of the community in which the new construction is located.
Summary of provisions
Section 1 of the bill amends the administrative code of the city of New York by adding a new section 11-245.10, which would require no fewer than 40 percent of the dwelling units in new multiple dwellings to be made affordable and available for occupancy by individuals or families whose household incomes, respectively, are equal to or less than the mean household income for individuals and families within the zip code of the area in which the proposed dwelling is to be constructed, for such a dwelling to be eligible to receive benefits under section 421-a of the real property tax law.
Section 2 provides for this act to take effect immediately.
Justification
Real property tax benefits for the construction of new housing should be structured in a way that provides the maximum amount of affordable housing to those truly in need. This has not always been the case, in part, because the current calculation of the Area Median Income includes zip codes that inflate the calculation. Accordingly, when the City confers benefits pursuant to section 421-a , the income eligibility criteria for individuals and families should be more closely related to the income levels of the population within the communities where these units are located. This bill would make sure that the income eligibility calculation only uses incomes of individuals and families in the zip code of the area in which the proposed dwelling is to be constructed.
Prior legislative history
None.
Fiscal implications
To be determined.
Effective date
This act shall be effective immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.