Bill Text: NY S07527 | 2013-2014 | General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-05-15 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S07527 Detail]

Download: New_York-2013-S07527-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7527
                                   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
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Paragraph (b) of subdivision 5 and subdivision 6 of section
    2  21  of the public housing law, as added by section 1 of part CC of chap-
    3  ter 63 of the laws of 2000, are amended to read as follows:
    4    (b) would be a qualified low-income building under such section if the
    5  20-50 test specified in subsection (g)(1) of such  section  were  disre-
    6  garded  and  the 40-60 test specified in such subsection (requiring that
    7  at least forty percent of residential units be both rent-restricted  and
    8  occupied  by  individuals  whose income is sixty percent or less of area
    9  median gross income) were a [40-90] 60-125 test.
   10    6. "Qualified basis" of an  eligible  low-income  building  means  the
   11  qualified  basis  of such building determined under section 42(c) of the
   12  internal revenue code, or which would be determined under  such  section
   13  if  the  [40-90]  60-125  test specified in paragraph (b) of subdivision
   14  five of this section applied under such section 42 to determine if  such
   15  building were part of a qualified low-income housing project.
   16    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD15233-01-4