senate Bill S7527

2013-2014 Legislative Session

Relates to amending the low income housing tax credit eligibility requirements

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Sponsored By

Archive: Last Bill Status - In Committee

  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 15, 2014 referred to housing, construction and community development

S7527 - Details

Current Committee:
Law Section:
Public Housing Law
Laws Affected:
Amd ยง21, Pub Hous L

S7527 - Summary

Amends the low income housing tax credit eligibility requirement to at least sixty percent of residential units be both rent-restricted and occupied by individuals whose income is one hundred twenty-five percent or less of area median gross income.

S7527 - Sponsor Memo

S7527 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K


                            I N  S E N A T E

                              May 15, 2014

Introduced  by  Sen.  PARKER -- 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 low income hous-
  ing tax credit eligibility


  Section 1. Paragraph (b) of subdivision 5 and subdivision 6 of section
21  of the public housing law, as added by section 1 of part CC of chap-
ter 63 of the laws of 2000, are amended to read as follows:
  (b) would be a qualified low-income building under such section if the
20-50 test specified in subsection (g)(1) of such  section  were  disre-
garded  and  the 40-60 test specified in such subsection (requiring that
at least forty percent of residential units be both rent-restricted  and
occupied  by  individuals  whose income is sixty percent or less of area
median gross income) were a [40-90] 60-125 test.
  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]  60-125  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.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.


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