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Assembly Bill A6262

2019-2020 Legislative Session

Relates to amending the low income housing tax credit eligibility requirements

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Archive: Last Bill Status - In Assembly Committee

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2019-A6262 (ACTIVE) - Details

See Senate Version of this Bill:
S4823
Current Committee:
Assembly Housing
Law Section:
Public Housing Law
Laws Affected:
Amd §21, Pub Hous L
Versions Introduced in Other Legislative Sessions:
2013-2014: S7527
2015-2016: A6813, S2762
2017-2018: A6268, S3624
2021-2022: A4406, S5273
2023-2024: A1264, S6369
2025-2026: A6695, S3997

2019-A6262 (ACTIVE) - 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.

2019-A6262 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6262
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 4, 2019
                                ___________
 
 Introduced by M. of A. WALKER -- read once and referred to the Committee
   on Housing
 
 AN  ACT to amend the public housing law, in relation to low income hous-
   ing tax credit eligibility
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   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.
   § 2. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05946-01-9

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