What's happening
This bill amends the definition of income for private housing finance law to exclude up to $20,000 of social security and retirement benefits.
Why it matters
Redefines income eligibility for affordable housing programs. By excluding up to $20,000 of social security and retirement benefits from the calculation of annual income, more seniors and retirees may qualify for affordable housing or lower their rent obligations under programs tied to the private housing finance law.
Aims to address cost-of-living challenges for older adults. Social security and retirement benefits are often fixed incomes for retirees. Excluding a portion of these benefits helps protect them from being priced out of housing as their benefits are counted less toward income limits.
Could expand access to housing assistance. This change may increase the pool of eligible applicants for affordable housing, particularly among older New Yorkers or those relying on retirement income, thereby potentially reducing housing insecurity in this demographic.
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Who cares
Headline styles
Exclude Retirement Income from Housing
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to housing, construction and community development
- Reported and committed to finance
- Referred to housing, construction and community development
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.
Exclude Some Benefits from Income
In Assembly Committee · Housing · Sponsor Victor M. Pichardo
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
489
2019-2020 Regular Sessions
IN SENATE (Prefiled)
January 9, 2019
Introduced by Sen. RIVERA -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development
AN ACT to amend the private housing finance law, in relation to the definition of income
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 29 of section 2 of the private housing finance law, as amended by chapter 280 of the laws of 1987, is amended to read as follows:
29. "Annual income" or "income". The total income as reported in the New York state income tax return, less such personal exemptions and deductions for medical expenses as are actually taken by the taxpayer and less social security and retirement benefits received and included in taxable income but not in excess of twenty thousand dollars. Provided, however, that federal old age, survivors, and disability insurance benefits shall not be deemed income in articles two, four and eleven of this chapter. This definition shall be employed in articles two, four, eight and eleven of this chapter in the computation of "probable aggregate annual income" as therein defined.
§ 2. This act shall take effect on the thirtieth day after it shall have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05473-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the private housing finance law, in relation to the definition of income
Summary
This bill would amend subdivision 29 of Section 2 of the Private Housing Finance Law to specifically provide that an individual's first $20,000 worth of Social Security and retirement benefits will not be included in the definition of "income".
Justification
The Federal Social Security Act amendments of 1983 provide that, for many retirees, a substantial portion of their social security benefits will be subject to federal income taxation for years beginning with 1984. These benefits have historically not been considered as "income", for purposes of the Private Housing Finance Law and should not be so treated now. This bill would ensure that these benefits will not be included in the computation of "annual income", which is used for deter- mining eligibility and surcharges for Mitchell-Lama residents.
Legislative history
2012: S6408/ No Same as 2013-2014: S938/ No Same as 2015-2016: S1358/ A7350 Pichardo 2017-2018: S1086/ A5954 Pichardo
Fiscal implications
None to the State.
Effective date
This act shall take effect on the thirtieth day after it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.