Establishes that area median income shall be calculated either per each zip code or per region in the city of New York, whichever is lower.
Summary
Bill S06761 mandates that in cities with a population of one million or more, affordable housing programs must calculate area median income using the lower of either the area median income specific to the zip code or the regional area median income. This requirement aims to ensure that affordable housing programs are more accurately aligned with the economic realities faced by residents in different neighborhoods, potentially making housing more accessible to lower-income individuals and families.
Impact
The bill will affect how affordable housing programs are structured and funded in large cities, particularly New York City. By requiring the use of the lower median income figure, the bill could lead to increased eligibility for affordable housing programs, thereby expanding access for lower-income residents. This change may also necessitate adjustments in funding allocations and program designs to accommodate the new income calculation method.
Sentiment
The sentiment surrounding Bill S06761 appears to be positive, as indicated by the unanimous support in the Senate Cities 1 Committee vote. The bill is seen as a progressive step towards improving housing affordability and addressing income disparities within urban areas, which has garnered support from various stakeholders in the housing sector.
Contention
There are potential points of contention regarding the implementation of the bill, particularly concerns from some housing developers about the financial implications of using lower income thresholds. Developers may argue that this could impact their ability to finance affordable housing projects. However, advocates for affordable housing emphasize the need for equitable access and the importance of addressing income disparities.
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.
Relates to the calculation of child support; provides that child support amounts shall be calculated based on the non-custodial parent's income; excludes health insurance costs and federal and state income taxes paid from the calculation of income for child support calculation purposes; makes related provisions.
Relates to establishing an early intervention loan repayment program; provides funding is to be awarded regionally with 50% percent awarded to providers with a principal residence within NYC and the remaining fifty percent awarded to providers outside of NYC; provides that awards shall be given to providers who work in underserved areas for 3 consecutive years; provides loans shall be paid over a 3 year period; provides that a working group shall be established within 90 days to develop plans for the streamlined loan repayment program application process.
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 community median income be used by certain affordable housing programs in a city having a population of one million or more; requires affordable housing programs using state funding to cover 33 percent or more of the construction costs of a building or buildings to use community median income to determine income eligibility and rent levels; exempts programs utilizing federal funding.
Authorizes peace officers to seize certain e-bikes which are being operated outside the city of New York; establishes fines and fees for persons who unlawfully operate e-bikes outside the city of New York.
Relates to death benefits for members of the uniformed force of the New York city department of sanitation and members of the uniformed force of the New York city department of correction; establishes that the beneficiaries of a member who would have been entitled to a service retirement benefit at the time of such member's death may elect to receive, in a lump sum, an amount payable which shall be equal to the pension reserve that would have been established had the member retired on the date of such member's death, or the value of the death benefit and the reserve-for-increased-take-home-pay, if any, whichever is greater.