Bill > A06695

This bill amends the public housing law to modify the eligibility requirements for the low income housing tax credit (LIHTC) program. Currently, to qualify for the tax credit, at least 40% of residential units in a building must be both rent-restricted and occupied by individuals earning 60% or less of the area median gross income (AMI). The bill changes this requirement to mandate that at least 60% of residential units must be both rent-restricted and occupied by individuals earning 125% or less of the area median gross income. This adjustment effectively expands the income threshold for qualifying tenants, potentially making more middle-income households eligible for low-income housing tax credit properties. The change aims to provide more flexibility in housing affordability and potentially increase the availability of affordable housing for a broader range of income levels. The bill would take effect immediately upon passage.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A6695