New York A 6695: Relates to amending the low income housing tax credit eligibility requirements

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A06695 Summary:

BILL NOA06695 

&nbsp

SAME ASSAME AS S03997

&nbsp

SPONSORWalker

&nbsp

COSPNSRDavila, Simon

&nbsp

MLTSPNSR

&nbsp

Amd §21, Pub Hous L

&nbsp

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.

Go to top A06695 Actions:

BILL NOA06695 

&nbsp

03/06/2025referred to housing

01/07/2026referred to housing

Go to topA06695 Committee&nbspVotes:

Go to topA06695 Floor&nbspVotes:

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

Go to topA06695 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6695

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 7, 2025
 ___________

 Introduced by M. of A. WALKER, DAVILA, 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:

 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 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06811-01-5

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