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.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A6695
SPONSOR: Walker TITLE OF BILL:
An act to amend the public housing law, in relation to low income hous-
ing tax credit eligibility
PURPOSE OR GENERAL IDEA OF BILL:
The bill expands the eligibility threshold for tenants in state LIHTC
multi-family developed properties to up to 125% of AMI or less.
JUSTIFICATION:
The AMI for the City of New York as of December 2013 increased to
$63,000 per annum. Currently forty-six percent of New Yorkers are
considered poor or almost poor. The current eligibility threshold of 60%
of AMI as the LIHTC maximum, excludes households of 2-4 members.
Consider that the starting salary for a sanitation worker is $33,746.
Were that person to marry a teacher starting a career at a salary of
$44,370, their combined salary of $78,116 would exclude them as well as
a food service worker and a cook with starting salaries of $23,000 and
$24,C00 respectively and a combined salary of $47,000.
Area Median Income (AMI) Household
30% of AMI 50% of AMI 60% of AMI 80% of AMI
Size
(extremely (very low low income (low income)
low income) income) housing tax
credit maximum)
$18,050 $30,100 $36,120 $48, 100
$20,600 $34,400 $41,280 $55,000
$23,200 $38,700 $46,440 $61, 850
$25,750 $42,950 $51,540 $68,700
To keep the essential service, municipal, administrative, health care
and educator workforce accessible to meet the needs of the City it is
necessary to provide affordable housing.
PRIOR LEGISLATIVE HISTORY:
2015-2016: A.813 - Referred to Housing
2017-2018: A6268 - Referred to Housing
2019-2020: A6262 - Referred to Housing
2021-2022: A4406 - Referred to Housing
2023-2024: A1264 - Referred to Housing
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
To be determined.
EFFECTIVE DATE:
This act shall take effect immediately.
STATE OF NEW YORK
________________________________________________________________________
6695
2025-2026 Regular Sessions
IN ASSEMBLY
March 7, 2025
___________
Introduced by M. of A. WALKER, DAVILA, SIMON -- 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.
LBD06811-01-5
