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Senate Bill S9097

2023-2024 Legislative Session

Specifies that low-income housing tax credits may be issued both for projects creating new housing and projects renovating and preserving existing housing

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Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee

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2023-S9097 (ACTIVE) - Details

Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Public Housing Law
Laws Affected:
Amd §21, Pub Hous L
Versions Introduced in 2025-2026 Legislative Session:
S4416

2023-S9097 (ACTIVE) - Summary

Specifies that low-income housing tax credits may be issued both for projects creating new housing and projects renovating and preserving existing housing, nullifying a DHCR determination that projects for the renovation and preservation of existing housing do not qualify.

2023-S9097 (ACTIVE) - Sponsor Memo

2023-S9097 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9097
 
                             I N  S E N A T E
 
                              April 22, 2024
                                ___________
 
 Introduced  by  Sen.  MAY  --  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 specifying that
   low-income housing tax credits may be issued both for projects  creat-
   ing  new housing and projects renovating and preserving existing hous-
   ing

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision 5 of section 21 of the public housing law, as
 added by section 1 of part CC of chapter 63 of  the  laws  of  2000,  is
 amended to read as follows:
   5.  "Eligible  low-income  building"  means a building located in this
 state which [either]:
   (a) EITHER:
   (I) is a qualified low-income building as defined in section 42(c)  of
 the internal revenue code[,]; or
   [(b)] (II) would be a qualified low-income building under such section
 if  the  20-50  test specified in subsection (g)(1) of such section were
 disregarded 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 test; AND
   (B) IS PART OF A QUALIFIED LOW-INCOME HOUSING PROJECT, AS  DEFINED  BY
 SECTION  42(C)  OF  THE  INTERNAL  REVENUE CODE, FOR THE CREATION OF NEW
 HOUSING, OR FOR THE RENOVATION AND PRESERVATION OF EXISTING HOUSING.
   § 2. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14988-01-4

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