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NY A06695
Bill
Status
3/6/2025
Primary Sponsor
Latrice Walker
Click for details
AI Summary
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Amends the public housing law to change the income eligibility test for low-income housing tax credits from a "40-90" test to a "60-125" test
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Requires that at least 60% of residential units be both rent-restricted and occupied by individuals earning 125% or less of area median gross income (previously 40% of units at 90% of median income)
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Expands eligibility for qualified low-income buildings by allowing higher-income residents to qualify for the tax credit program
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Modifies the calculation of "qualified basis" for eligible low-income buildings under Internal Revenue Code Section 42 to align with the new 60-125 test standard
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Takes effect immediately upon passage
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
1/7/2026