NY A02179

Amends the Public Housing Law Section 156 to redefine "probable aggregate annual income" as annual net income after federal, state and municipal income taxes are deducted from the chief wage earner's gross income, plus all other family members' income over age 21.

Amends the Private Housing Finance Law Section 31 to apply the same net income definition (after tax deductions) for determining eligibility and rent in company projects, replacing the prior definition based on gross income of the chief wage earner alone.

Amends the Private Housing Finance Law Section 85-a to redefine "probable aggregate annual income" using the same after-tax net income calculation for the chief wage earner, plus income of other family members over age 21.

Maintains existing provisions allowing housing authorities and companies to exclude a proportion of secondary wage earners' income (up to $15,000 or more with approval) and to exclude income of family members for eligibility or rent determination purposes.

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