New York S03997 amends the low income housing tax credit eligibility to require at least 60% of residential units to be rent-restricted and occupied.

New York S03997 amends the public housing law to change the eligibility criteria for the low income housing tax credit. 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 whose income is 125% or less of the area median gross income. This change affects developers and housing projects seeking to qualify for the tax credit, ensuring that a larger proportion of units are accessible to low-income individuals. The bill takes effect immediately upon enactment.

New York S03997 amends the low income housing tax credit eligibility to require at least 60% of residential units to be rent-restricted and occupied.

New York S03997 amends the public housing law to change the eligibility criteria for the low income housing tax credit. 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 whose income is 125% or less of the area median gross income. This change affects developers and housing projects seeking to qualify for the tax credit, ensuring that a larger proportion of units are accessible to low-income individuals. The bill takes effect immediately upon enactment.