S 3997: 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.

  
  STATE OF NEW YORK ________________________________________________________________________ 3997 2025-2026 Regular Sessions  IN SENATE January 31, 2025 ___________ 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 § 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