New York A06695 amends the low income housing tax credit eligibility to require at least 60% of residential units to be rent-restricted and occupied.

New York A06695 amends the public housing law to change the eligibility criteria for low income housing tax credits. The bill modifies the requirement so that at least 60% of residential units in a building must be both rent-restricted and occupied by individuals with incomes at or below 125% of the area median gross income. This change affects the qualification of buildings for low income housing tax credits, impacting developers and residents of low-income housing projects. The amendment takes effect immediately upon enactment.

New York A06695 amends the low income housing tax credit eligibility to require at least 60% of residential units to be rent-restricted and occupied.

New York A06695 amends the public housing law to change the eligibility criteria for low income housing tax credits. The bill modifies the requirement so that at least 60% of residential units in a building must be both rent-restricted and occupied by individuals with incomes at or below 125% of the area median gross income. This change affects the qualification of buildings for low income housing tax credits, impacting developers and residents of low-income housing projects. The amendment takes effect immediately upon enactment.