Bill > S03666

This bill amends the real property tax law to require affordable housing projects, including 421-a projects, to calculate and use the area median income (AMI) solely based on the specific zip code where the project is located. However, for affordable housing projects in the five counties that make up New York City, if the AMI for the specific zip code is higher than the New York City Region AMI as defined by the U.S. Department of Housing and Urban Development (HUD), the project must use the New York City Region AMI instead. The bill aims to ensure that the affordability calculations for these projects are based on the local income levels of the specific area where they are being developed.