What's happening
This bill changes eligibility criteria for New York's low-income housing tax credit, expanding qualifying income limits from 40-90% to 60-125% of area median income.
Why it matters
Broadens access to affordable housing incentives. by allowing developments serving households with incomes up to 125% of area median income (AMI) to qualify, potentially including more working- and middle-class families who previously did not qualify under stricter limits.
May increase the financial feasibility for developers to build mixed-income housing. , as higher-income limits can improve project revenue and attract more investment, possibly leading to more housing construction overall.
Could shift the focus of housing tax credits away from the lowest-income households. , raising concerns that those with the greatest need (below 60% AMI) might face increased competition for affordable units with households earning significantly more.
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Who cares
Headline styles
Expand Housing Tax Credit Access
Plain English, a few words. Used as the page title.
Sponsors
1 Multi-sponsor
History
- Referred to housing
- Referred to housing
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Broaden Housing Tax Credit
In Senate Committee · Housing, Construction And Community Development · Sponsor Kevin S. Parker
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6268
2017-2018 Regular Sessions
IN ASSEMBLY
March 1, 2017
Introduced by M. of A. WALKER -- read once and referred to the Committee on Housing
AN ACT to amend the public housing law, in relation to low income housing tax credit eligibility
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Paragraph (b) of subdivision 5 and subdivision 6 of section 21 of the public housing law, as added by section 1 of part CC of chapter 63 of the laws of 2000, are amended to read as follows:
(b) would be a qualified low-income building under such section if the 20-50 test specified in subsection (g)(1) of such section were disregarded and the 40-60 test specified in such subsection (requiring that at least forty percent of residential units be both rent-restricted and occupied by individuals whose income is sixty percent or less of area median gross income) were a [40-90] 60-125 test.
6. "Qualified basis" of an eligible low-income building means the qualified basis of such building determined under section 42(c) of the internal revenue code, or which would be determined under such section if the [40-90] 60-125 test specified in paragraph (b) of subdivision five of this section applied under such section 42 to determine if such building were part of a qualified low-income housing project.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07400-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.