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NY A05720
Bill
Status
3/23/2023
Primary Sponsor
Juan Ardila
Click for details
AI Summary
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Amends Real Property Tax Law Section 421-a to define Area Median Income (AMI) as based solely on the specific zip code where an affordable housing project is located.
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Requires all affordable housing projects, including 421-a projects, to use only the zip code-specific AMI for determining affordability.
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Creates an exception for affordable housing projects in New York City's five counties: if the zip code's AMI exceeds the HUD-defined New York City Region AMI, the project must use the lower NYC Region AMI instead.
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Takes effect immediately upon enactment.
Legislative Description
Relates to requiring affordable housing projects to calculate and only use the area median income for the specific zip code that the project is located in for determining affordability.
Last Action
referred to housing
1/3/2024