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.
Summary
Bill S03997 amends the public housing law to modify the eligibility requirements for low-income housing tax credits. Specifically, it proposes that at least sixty percent of residential units in a qualified low-income building must be both rent-restricted and occupied by individuals whose income is one hundred twenty-five percent or less of the area median gross income. This change seeks to broaden the scope of eligibility for tax credits, potentially allowing more buildings to qualify under the low-income housing tax credit program.
Impact
The bill's passage would have a significant impact on the state's low-income housing landscape by expanding the criteria for tax credit eligibility. This could lead to an increase in the number of housing projects that receive financial support, thereby facilitating the development of affordable housing options for a broader range of income-eligible individuals. As a result, it may also influence housing availability and affordability in various communities across New York.
Sentiment
The general sentiment surrounding Bill S03997 appears to be supportive, as it aims to address the ongoing housing affordability crisis by increasing the availability of low-income housing. However, there may be concerns regarding the financial implications for the state and the potential for increased demand on housing resources.
Contention
Notable points of contention may arise from stakeholders who argue that raising the income threshold for eligibility could dilute the original intent of the low-income housing tax credit program, which was designed to assist the most economically disadvantaged populations. Some advocates for low-income housing may express concerns that this change could lead to a focus on higher-income individuals at the expense of those in greater need.
Same As
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.
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.
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.
Establishes income eligibility requirements that a tenant shall have income not to exceed one hundred twenty-five percent of the area median income to be eligible to occupy certain rent-regulated housing accommodations.
Provides an eight percent (8%) tax rate for those properties that are encumbered by a deed restriction for low-income housing set at eight percent (80%) or sixty percent (60%) of adjusted median income established by HUD.
Requires calculation of need for low and moderate income housing units to be based current percentage of units occupied by low and moderate income individuals or families; revises "Local Redevelopment and Housing Law" to allow for senior citizen housing and community development.
Prohibits persons whose income is greater than one hundred twenty-five percent of the area median income from occupying certain housing accommodations.
Prohibits persons whose income is greater than one hundred twenty-five percent of the area median income from occupying certain housing accommodations.
Gradually phases in modifications to federal adjusted gross income over a five (5) year period for social security income, from twenty percent (20%) up to one hundred percent (100%), beginning on or after January 1, 2027.