Defines "probable aggregate annual income" for purposes of determining eligibility for limited profit and limited dividend housing companies, as the annual net income after federal, state and municipal income taxes are deducted from gross income of the chief wage earner.
Summary
Bill S06774 amends the public housing law and the private housing finance law to redefine 'probable aggregate annual income' for determining eligibility for limited profit and limited dividend housing companies. The bill specifies that this income calculation will be based on the annual net income of the chief wage earner after federal, state, and municipal taxes are deducted, in addition to including income from other family members over the age of twenty-one and a proportion of income from members under twenty-one. This change aims to provide a clearer and more equitable method for assessing income for housing eligibility.
The bill also outlines that the income calculation will allow for certain deductions, including a $15,000 deduction from the income of secondary wage earners, which can be increased with approval from the commissioner or supervising agency. This adjustment is intended to ensure that families with multiple earners are not unfairly penalized when determining their eligibility for affordable housing.
Furthermore, the bill establishes that the new definitions and calculations will take effect on January 1 of the year following its enactment. This timeline provides a transition period for housing authorities and affected families to adapt to the new regulations. Overall, the bill seeks to enhance access to affordable housing by refining income eligibility criteria.
The sentiment surrounding the bill appears to be generally supportive, as it addresses concerns about the complexities and potential inequities in the current income calculation methods. However, there may be some contention regarding the specific income thresholds and deductions, particularly from stakeholders who may feel that the changes could impact funding or availability of housing resources.
Impact
If enacted, Bill S06774 will modify existing laws regarding income calculations for public and private housing finance, potentially increasing eligibility for more families seeking affordable housing. By clarifying the definition of 'probable aggregate annual income', the bill aims to create a fairer system for determining who qualifies for housing assistance. This could lead to a broader range of families being able to access limited profit and limited dividend housing, thereby impacting the overall housing landscape in New York State.
Sentiment
The general sentiment around Bill S06774 is positive, as it addresses the need for clearer income definitions that could help more families qualify for affordable housing. Discussions have highlighted the importance of ensuring that the income calculation reflects the realities of modern family structures and income sources. However, there are concerns from some stakeholders about the implications of these changes on housing availability and funding.
Contention
Notable points of contention include the specific income thresholds set forth in the bill and the proposed deductions for secondary wage earners. Some advocates for affordable housing argue that the thresholds may still be too low to adequately serve all families in need, while others express concern that increasing deductions could lead to reduced funding for housing programs. These discussions indicate a divide between those who prioritize broader access to housing and those focused on maintaining funding levels for existing programs.
Defines "probable aggregate annual income" for purposes of determining eligibility for limited profit and limited dividend housing companies, as the annual net income after federal, state and municipal income taxes are deducted from gross income of the chief wage earner.
Increases annual income limitation for senior and disabled citizens' eligibility for $250 property tax deduction and bases future annual income limitations on annual CPI changes.
Increases annual income limitation for senior and disabled citizens' eligibility for $250 property tax deduction and bases future annual income limitations on annual CPI changes.
Proposes constitutional amendment to increase annual income limitation for senior and disabled citizens' $250 property tax deduction and bases future annual limitations on annual CPI changes.
Proposes constitutional amendment to increase annual income limitation for eligibility to receive property tax deduction for senior and disabled citizens.
Proposes constitutional amendment to increase annual income limitation for eligibility to receive property tax deduction for senior and disabled citizens.
Increases the federal adjusted gross income threshold for modification for taxable social security income. Amends references to federal adjusted gross income as pertains to modification of taxable retirement income from certain pension plans or annuities.
Increases the federal adjusted gross income threshold for modification for taxable social security income. Amends references to federal adjusted gross income as pertains to modification of taxable retirement income from certain pension plans or annuities.