Bill > S03997

This bill amends the public housing law to modify the low income housing tax credit eligibility requirements. Currently, the law requires at least 40% of residential units in a housing project to be both rent-restricted and occupied by individuals whose income is 60% or less of the area median gross income (AMI). The bill changes this to require at least 60% of residential units to be rent-restricted and occupied by individuals whose income is 125% or less of the area median gross income. This adjustment expands the income eligibility range for low-income housing tax credits, potentially allowing more middle-income residents to qualify for these housing units. The change affects how a "qualified low-income building" is defined under the tax credit program, broadening the income threshold from the previous 40-90 test to a new 60-125 test. The modification aims to provide more flexibility in affordable housing development by increasing both the percentage of units and the income level of potential occupants.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S3997