Assembly Bill A4406

2021-2022 Legislative Session

Relates to amending the low income housing tax credit eligibility requirements

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-A4406 (ACTIVE) - Details

See Senate Version of this Bill:
S5273
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
2019-2020: A6262, S4823
2023-2024: A1264, S6369

2021-A4406 (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.

2021-A4406 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4406
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 4, 2021
                                ___________
 
 Introduced  by M. of A. WALKER, DAVILA -- Multi-Sponsored by -- M. of A.
   SIMON -- 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.
                                                            LBD07741-01-1

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