Bill Text: NY S03666 | 2019-2020 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S03666 Detail]

Download: New_York-2019-S03666-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          3666
                               2019-2020 Regular Sessions
                    IN SENATE
                                    February 12, 2019
                                       ___________
        Introduced by Sens. GIANARIS, BAILEY, SANDERS, SERRANO, STAVISKY -- 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 real property tax  law,  in  relation  to  requiring
          affordable  housing projects to calculate and only use the area median
          income for the specific zip code 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:
     1    Section 1. Subdivision 1 of section 421-a of the real property tax law
     2  is amended by adding a new paragraph e to read as follows:
     3    e. "Area Median Income (AMI)." Whenever calculating the  affordability
     4  of  a  project, AMI shall be based solely on the specific zip code where
     5  the project shall be located.
     6    § 2. All affordable housing projects, including, but not  limited  to,
     7  421-a  projects,  shall  only  use  the area median income (AMI) for the
     8  specific zip code that the project is located in for determining afford-
     9  ability.  However, for any affordable housing project in the five  coun-
    10  ties  that  make up New York City, including, but not limited to a 421-a
    11  project, that is being located in a zip code  where  the  AMI  for  that
    12  specific  zip  code  is  higher  than  the  New York City Region AMI, as
    13  defined by HUD, the AMI for the affordability  project,  including,  but
    14  not  limited to a 421-a project, will be the AMI that HUD has determined
    15  to be the New York City Region AMI.
    16    § 3. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02209-01-9