Bill > S05548

This bill modifies existing laws to make it easier for senior citizens and persons with disabilities living in rent-controlled or rent-regulated properties to obtain tax abatements when they experience a permanent decrease in income. Previously, tenants could only apply for a redetermination of their tax abatement if their income dropped by more than 20%, but this bill removes that specific percentage threshold. Now, if a household head has a current tax abatement certificate and experiences a permanent income decrease, they can apply to have their tax abatement recalculated to reestablish the original ratio between their adjusted rent and income. The bill ensures that the recalculated abatement will not reduce the rent to less than one-third of the household's combined income, except in specific circumstances related to shelter allowances. This change applies to both New York State real property tax law and the New York City administrative code, providing more flexibility for seniors and disabled individuals experiencing financial hardship to maintain affordable housing by adjusting their tax abatements to match their current income levels.

Budget and Finance, Health and Social Services

https://www.nysenate.gov/legislation/bills/2025/S5548