NY S05548

Removes the requirement that household income must decrease by more than 20% before a senior citizen or person with disability can apply for a redetermination of their rent tax abatement

Allows eligible households with rent increase exemption orders or tax abatement certificates to request a redetermination upon any permanent decrease in income

Requires redetermination to re-establish the ratio of adjusted rent to income that existed when the abatement was last approved, with adjusted rent not falling below one-third of combined household income in most cases

Provides that upon renewal applications showing decreased income, households shall receive an exemption order or certificate covering any rent increase that would cause rent to exceed one-third of combined household income

Applies to both rent-controlled and rent-regulated properties occupied by senior citizens or persons with disabilities in New York City