Bill
Bill > A07778
NY A07778
NY A07778Relates to requiring affordable housing projects to calculate and only use the area median income for the specific county that the project is located in for determining affordability.
summary
Introduced
06/15/2023
06/15/2023
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 county that the project is located in for determining affordability
AI Summary
This bill amends the Real Property Tax Law to require that affordable housing projects, including 421-a projects, calculate and use only the Area Median Income (AMI) for the specific county where the project is located in determining affordability. This change ensures that the affordability of these projects is based on the income levels in the county where the project is situated, rather than a broader regional or statewide AMI, which could result in a higher threshold for affordability.
Committee Categories
Housing and Urban Affairs
Sponsors (2)
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
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2023/A7778 | 06/15/2023 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A07778&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A07778 | 06/15/2023 |
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