New York S 4416: 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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S04416 Summary:

BILL NOS04416 

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SAME ASNo Same As

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SPONSORMAY

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COSPNSR

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MLTSPNSR

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Amd §21, Pub Hous L

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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.

Go to top S04416 Actions:

BILL NOS04416 

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02/04/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

01/07/2026REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

Go to topS04416 Committee&nbspVotes:

Go to topS04416 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS04416 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4416

 2025-2026 Regular Sessions

 IN SENATE

 February 4, 2025
 ___________

 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:

 1 Section 1. Subdivision 5 of section 21 of the public housing law, as
 2 added by section 1 of part CC of chapter 63 of the laws of 2000, is
 3 amended to read as follows:
 4 5. "Eligible low-income building" means a building located in this
 5 state which [either]:
 6 (a) either:
 7 (i) is a qualified low-income building as defined in section 42(c) of
 8 the internal revenue code[,]; or
 9 [(b)] (ii) would be a qualified low-income building under such section
 10 if the 20-50 test specified in subsection (g)(1) of such section were
 11 disregarded and the 40-60 test specified in such subsection (requiring
 12 that at least forty percent of residential units be both rent-restricted
 13 and occupied by individuals whose income is sixty percent or less of
 14 area median gross income) were a 40-90 test; and
 15 (b) is part of a qualified low-income housing project, as defined by
 16 section 42(c) of the internal revenue code, for the creation of new
 17 housing, or for the renovation and preservation of existing housing.
 18 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08686-01-5

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