|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to housing, construction and community development|
|Jan 05, 2011||referred to housing, construction and community development|
senate Bill S757
Archive: Last Bill Status -
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S757 - Details
- Law Section:
- Public Housing Law
- Laws Affected:
- Amd §§21, 22 & 23, Pub Hous L
- Versions Introduced in 2009-2010 Legislative Session:
S757 - Sponsor Memo
BILL NUMBER:S757 TITLE OF BILL: An act to amend the public housing law, in relation to expanding the New York state low income housing tax credit program to certain one to four family residences PURPOSE: To expand the State's low income housing tax credit program to include the development of one to four family residences. SUMMARY OF PROVISIONS: The bill amends the Public Housing Law to expand the definition of "eligible low-income building" for purposes of the New York State Low Income Housing Tax Credit Program to include a one to four family residence, including a cooperative or a condominium unit, the owners of which would be eligible to qualify as persons and families of low or moderate income as defined in subdivision (14) of Section 2402 of the Public Authorities Law which governs SONYMA forward commitment mortgages. It further amends Section 22 of such
S757 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 757 2011-2012 Regular Sessions I N S E N A T E (PREFILED) January 5, 2011 ___________ Introduced by Sen. YOUNG -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development AN ACT to amend the public housing law, in relation to expanding the New York state low income housing tax credit program to certain one to four family residences THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivisions 6 and 7 of section 21 of the public housing law, as added by section 1 of part CC of chapter 63 of the laws of 2000, are amended and four new subdivisions 8, 9, 10 and 11 are added to read as follows: 6. "Qualified basis" of an eligible low-income building means the qualified basis of such building determined under section 42(c) of the internal revenue code, or which would be determined under such section if the 40-90 test specified in paragraph (b) of subdivision five of this section applied under such section 42 to determine if such building were part of a qualified low-income housing project OR IN THE CASE OF A QUAL- IFIED RESIDENCE, MEANS ITS ADJUSTED BASIS (EXCLUDING LAND) IMMEDIATELY BEFORE THE SALE OF SUCH RESIDENCE. 7. References in this article to [section] SECTIONS 5, 42 AND 143 of the internal revenue code shall mean such section as amended from time to time. 8. "QUALIFIED RESIDENCE" MEANS ANY RESIDENCE (A) WHICH IS LOCATED: (I) IN A CENSUS TRACT WHICH HAS A MEDIAN GROSS INCOME WHICH DOES NOT EXCEED EIGHTY PERCENT OF THE GREATER OF AREA OR STATEWIDE MEDIAN GROSS INCOME, AS DETERMINED BY SECTION 143 OF THE INTERNAL REVENUE CODE, (II) IN A RURAL AREA (DEFINED UNDER SECTION 520 OF THE FEDERAL HOUSING ACT OF 1949), EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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