Bill > A02224

This bill modifies existing real property tax law to require affordable housing projects to calculate affordability using only the Area Median Income (AMI) specific to the county where the project is located. Currently, developers might use broader regional or metropolitan area AMI calculations, which can skew affordability metrics. The bill mandates that for any affordable housing project, including those under the 421-a tax incentive program, the AMI used to determine housing affordability must be based solely on the median income of the specific county where the housing is being built. This approach aims to ensure that affordable housing standards more accurately reflect the local economic conditions and income levels of the exact community where the project is situated. The bill would take effect immediately upon passage, requiring developers to adjust their affordability calculations for new and potentially existing projects to use county-specific income data.