Bill
Bill > A05720
NY A05720
NY A05720Relates to requiring affordable housing projects to calculate and only use the area median income for the specific zip code that the project is located in for determining affordability.
summary
Introduced
03/23/2023
03/23/2023
In Committee
01/03/2024
01/03/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the real property tax law, in relation to requiring affordable housing projects to calculate and only use the area median income for the specific zip code that the project is located in for determining affordability
AI Summary
This bill amends the real property tax law to require affordable housing projects, including those under the 421-a program, to calculate and use the area median income (AMI) for the specific zip code where the project is located when determining affordability. 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 Department of Housing and Urban Development (HUD), the project must use the New York City Region AMI instead.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
referred to housing (on 01/03/2024)
Bill Topics
Community Development and Housing Issues
- ‐ Housing and Community Development for Low and Middle Income Persons
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2023/A5720 | 03/23/2023 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A05720&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A05720 | 03/23/2023 |
Loading...