NY S00637

Allows heads of household with valid tax abatement certificates on rent-controlled or rent-regulated properties to apply for redetermination if combined household income decreases by more than 20 percent.

Redetermination adjusts the rent-to-income ratio back to the level that existed when the original tax abatement certificate was approved.

Sets minimum adjusted rent floors: one-third of combined household income for those without shelter allowances, or the maximum shelter allowance for those receiving social services assistance.

Makes redeterminations retroactive to the date when the permanent income decrease occurred, rather than effective only from the application date.

Applies only to rent-controlled and rent-regulated properties occupied by senior citizens or persons with disabilities.