NY A03274

Amends the definition of "probable aggregate annual income" in the Public Housing Law to calculate income as annual net income after deducting federal, state, and municipal taxes from the chief wage earner's gross income, plus income from other family members over age 21 and a proportional amount from those under 21.

Modifies the Private Housing Finance Law section 31 to use the same net income calculation methodology for determining eligibility and rental rates in company-sponsored housing projects.

Updates the Private Housing Finance Law section 85-a with identical changes to the "probable aggregate annual income" definition, including a $15,000 deduction from secondary wage earners' income or larger amounts if approved by the commissioner.

Applies these income definition changes to both state and private housing projects for purposes of establishing rent payments and determining eligibility for admission or continued occupancy.

Takes effect on January 1 following the date the bill becomes law.