Senate BillIntroduced
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, nullifying a DHCR determination that projects for the renovation and preservation of existing housing do not qualify.
What S 4416 does, verified January 11, 2026
The bill aims to expand the eligibility of low-income housing tax credits in New York State. It allows low-income housing tax credits to be issued for both new housing projects and renovations of existing housing. The eligibility of a building is determined by its compliance with the 40-60 test, which requires at least 40% of residential units to be rent-restricted and occupied by individuals with income below 60% of area median gross income. The bill also allows for the use of the 40-90 test, which relaxes the income requirement to 90%. The changes take effect immediately.
Bill journey
1IntroducedCurrent
2In CommitteePending
3First Chamber FloorPending
4Second ChamberPending
5GovernorPending
6ChapteredPending
Last action: REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT (2026-01-07)Alert me
Author and sponsors
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| Jan. 07, 2026 | REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT |
| Feb. 04, 2025 | REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT |
Latest bill textIntroduced version, February 4, 2025 · 313 words
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
Text of S 4416 as introduced, from the official record. Connect Plus keeps every version and highlights what changed.Compare versions