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NY A01264

Bill

Official Source

Status

Introduced

1/13/2023

Primary Sponsor

Latrice Walker

Click for details

Origin

Assembly

2023-2024 General Assembly

AI Summary

  • Amends Public Housing Law section 21 to modify the low-income housing tax credit eligibility test from a 40-90 test to a 60-125 test
  • Changes the requirement so that at least 60 percent (instead of 40 percent) of residential units must be rent-restricted and occupied by individuals earning 125 percent or less (instead of 60 percent) of area median gross income
  • Applies the revised 60-125 test to the definition of "qualified basis" for eligible low-income buildings under Internal Revenue Code section 42
  • 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

1/3/2024

Committee Referrals

Housing1/13/2023

Full Bill Text

No bill text available