NY S07754

Establishes that rent under SCRIE and DRIE programs cannot exceed one-third of combined household income for eligible seniors and persons with disabilities in cities with populations over one million.

Requires tax abatement certificates to be issued by appropriate agencies when maximum rent or legal regulated rent exceeds one-third of household income.

Removes previous provision allowing persons with disabilities who received DRIE orders before January 1, 2015 to maintain their exemption amounts regardless of whether maximum rent exceeded one-third of household income.

Modifies rent increase exemption calculations to cap rent at one-third of aggregate disposable income, eliminating the previous option to charge the higher of one-third income or the rent in effect before eligibility date.

Takes effect immediately upon enactment.