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Assembly Bill A7778

2023-2024 Legislative Session

Relates to requiring affordable housing projects to calculate and only use the area median income for the specific county that the project is located in

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Archive: Last Bill Status - In Assembly Committee

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2023-A7778 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
Real Property Tax Law
Laws Affected:
Amd §421-a, RPT L
Versions Introduced in Other Legislative Sessions:
2017-2018: A5968
2019-2020: A2676
2021-2022: A2015
2025-2026: A2224

2023-A7778 (ACTIVE) - Summary

Relates to requiring affordable housing projects to calculate and only use the area median income for the specific county that the project is located in for determining affordability.

2023-A7778 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7778
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 15, 2023
                                ___________
 
 Introduced  by M. of A. SIMON -- read once and referred to the Committee
   on Housing
 
 AN ACT to amend the real property tax  law,  in  relation  to  requiring
   affordable  housing projects to calculate and only use the area median
   income for the specific county that the  project  is  located  in  for
   determining affordability

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 1 of section 421-a of the real property tax law
 is amended by adding a new paragraph e to read as follows:
   E. "AREA MEDIAN INCOME (AMI)." WHENEVER CALCULATING THE  AFFORDABILITY
 OF A PROJECT, AMI SHALL BE BASED SOLELY ON THE SPECIFIC COUNTY WHERE THE
 PROJECT SHALL BE LOCATED.
   §  2.  All affordable housing projects, including, but not limited to,
 421-a projects, shall only use the area  median  income  (AMI)  for  the
 specific  county that the project is located in for determining afforda-
 bility.
   § 3. This act shall take effect immediately.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09715-01-3

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