NY S08696

Authorizes cities, towns, and villages to adopt local laws providing tax abatements on residential properties where the head of household is 62+ years old and household income does not exceed $70,000 per year.

Tax abatement amount limited to the portion of rent increases that cause rent to exceed one-half of combined household income.

For households with a disabled head of household, tax abatement is prohibited if combined household income exceeds the maximum income threshold for federal supplemental security income eligibility.

Authorizes cities with populations of one million or more to grant property tax exemptions to housing companies equal to rent increase exemptions credited to eligible senior tenants.

Allows seniors 62+ with household income not exceeding $70,000 to obtain rent increase exemption orders exempting them from rent increases that would cause rent to exceed one-half of combined household income.