Bill Text: NY A06268 | 2017-2018 | General Assembly | Introduced

---

Bill Title: 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.

Spectrum: Partisan Bill (Democrat 7-0)

Status: (Introduced - Dead) 2018-01-03 - referred to housing [A06268 Detail]

Download: New_York-2017-A06268-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________
                                          6268
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                      March 1, 2017
                                       ___________
        Introduced by M. of A. WALKER -- read once and referred to the Committee
          on Housing
        AN  ACT to amend the public housing law, in relation to low income hous-
          ing tax credit eligibility
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section 1. Paragraph (b) of subdivision 5 and subdivision 6 of section
     2  21  of the public housing law, as added by section 1 of part CC of chap-
     3  ter 63 of the laws of 2000, are amended to read as follows:
     4    (b) would be a qualified low-income building under such section if the
     5  20-50 test specified in subsection (g)(1) of such  section  were  disre-
     6  garded  and  the 40-60 test specified in such subsection (requiring that
     7  at least forty percent of residential units be both rent-restricted  and
     8  occupied  by  individuals  whose income is sixty percent or less of area
     9  median gross income) were a [40-90] 60-125 test.
    10    6. "Qualified basis" of an  eligible  low-income  building  means  the
    11  qualified  basis  of such building determined under section 42(c) of the
    12  internal revenue code, or which would be determined under  such  section
    13  if  the  [40-90]  60-125  test specified in paragraph (b) of subdivision
    14  five of this section applied under such section 42 to determine if  such
    15  building were part of a qualified low-income housing project.
    16    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07400-01-7