NY S06650

Allows heads of households holding tax abatement certificates for rent-controlled or rent-regulated properties to apply for redetermination if household income permanently decreases by more than 20 percent.

Redetermination restores the ratio of adjusted rent to income that existed when the tax abatement certificate was originally approved or last renewed.

Permits local jurisdictions to make redeterminations retroactive to the date when the household's income permanently decreased, with look-back period limited to the date of the most recent approved application or renewal.

Maintains minimum adjusted rent thresholds: one-third of combined household income for those without social services shelter allowances, or maximum allowable shelter amount for those receiving such allowances.

Takes effect immediately upon enactment.