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A01264 Summary:

BILL NOA01264
 
SAME ASSAME AS S06369
 
SPONSORWalker
 
COSPNSRDavila, Simon
 
MLTSPNSR
 
Amd §21, Pub Hous L
 
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.
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A01264 Actions:

BILL NOA01264
 
01/13/2023referred to housing
01/03/2024referred to housing
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A01264 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A1264
 
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.   SUMMARY OF PROVISIONS:   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 This bill would incentivize developers to create housing for the work- ing-poor wherein a family of two, three or four facing the challenge of finding affordable housing. If we consider that as of April 2014, the average rent in New York City is $3,017 per month and $2,899 for an average apartment within ten miles of New York City, it is clear that there exists an affordable housing gap for households earning 100% of the AMI or slightly more. 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   FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS: To be determined.   EFFECTIVE DATE: This act shall take effect immediately.
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A01264 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          1264
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 13, 2023
                                       ___________
 
        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.
                                                                   LBD04593-01-3
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