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NY A04406
Bill
Status
2/4/2021
Primary Sponsor
Latrice Walker
Click for details
AI Summary
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Amends the public housing law to modify the low-income housing tax credit eligibility test from a 40-90 test to a 60-125 test
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Requires that at least 60 percent of residential units (instead of 40 percent) be rent-restricted and occupied by individuals earning 125 percent or less of area median gross income (increased from 90 percent)
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Changes the qualified basis calculation for eligible low-income buildings to reflect the new 60-125 test under Internal Revenue Code section 42
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Takes effect immediately upon enactment
Legislative Description
Amends the low income housing tax credit eligibility requirement to at least sixty percent of residential units be both rent-restricted and occupied by individuals whose income is one hundred twenty-five percent or less of area median gross income.
Last Action
referred to housing
1/5/2022