Bill > S06774

This bill modifies how "probable aggregate annual income" is calculated for determining eligibility for limited profit and limited dividend housing companies. Specifically, the bill changes the definition to mean the annual net income after federal, state, and municipal income taxes are deducted from the gross income of the chief wage earner, rather than using the previous definition that simply referenced the chief wage earner's income. The bill also includes provisions for accounting for income from other family members over 21 years old and a proportional consideration of income from family members under 21 years old. Additionally, the bill allows housing authorities and companies to exclude a portion of income from other family members over 21 when determining eligibility for housing admission, continued occupancy, or rental rates. This change aims to provide more flexibility and a more comprehensive approach to calculating household income for affordable housing purposes, taking into account tax obligations and the financial contributions of different family members. The modifications apply to public housing law and private housing finance law, and will take effect on the first day of January following the bill's enactment.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S6774