Specifies that low-income housing tax credits may be issued both for projects creating new housing and projects renovating and preserving existing housing, nullifying a DHCR determination that projects for the renovation and preservation of existing housing do not qualify.
STATE OF NEW YORK
________________________________________________________________________
4416
2025-2026 Regular Sessions
IN SENATE
February 4, 2025
___________
Introduced by Sen. MAY -- read twice and ordered printed, and when
printed to be committed to the Committee on Housing, Construction and
Community Development
AN ACT to amend the public housing law, in relation to specifying that
low-income housing tax credits may be issued both for projects creat-
ing new housing and projects renovating and preserving existing hous-
ing
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 5 of section 21 of the public housing law, as
2 added by section 1 of part CC of chapter 63 of the laws of 2000, is
3 amended to read as follows:
4 5. "Eligible low-income building" means a building located in this
5 state which [either]:
6 (a) either:
7 (i) is a qualified low-income building as defined in section 42(c) of
8 the internal revenue code[,]; or
9 [(b)] (ii) would be a qualified low-income building under such section
10 if the 20-50 test specified in subsection (g)(1) of such section were
11 disregarded and the 40-60 test specified in such subsection (requiring
12 that at least forty percent of residential units be both rent-restricted
13 and occupied by individuals whose income is sixty percent or less of
14 area median gross income) were a 40-90 test; and
15 (b) is part of a qualified low-income housing project, as defined by
16 section 42(c) of the internal revenue code, for the creation of new
17 housing, or for the renovation and preservation of existing housing.
18 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08686-01-5
