BILL NUMBER: S6369

SPONSOR: PARKER
 
TITLE OF BILL:

An act to amend the public housing law, in relation to low income hous-
ing tax credit eligibility

 
PURPOSE:

The bill expands the eligibility threshold for tenants in state LIHTC
multi-family developed properties to up to 125% of AMI or less.

 
JUSTIFICATION:

The AMI for the City of New York as of December 2013 increased to
$63,000 per annum. Currently forty-six percent of New Yorkers are
considered poor or almost poor. The current eligibility threshold of 60%
of AMI as the LIHTC maximum, excludes households of 2-4 members.
Consider that the starting salary for a sanitation worker is $33,746.
Were that person to marry a teacher starting a career at a salary of
$44,370, their combined salary of $78,116 would exclude them as well as
              

a food service worker and a cook with starting salaries of $23,000 and
$24,000 respectively and a combined salary of $47,000.

                        Area Median Income (AMI)

House          30% of AMI     50% of         60% of AMI     80%
Size                          AMI                           AMI

               (very low      (low income    (low

               (extremely income)            low income)    credit

1              $18,050        $30,100        $36,120
2              $20,600        $34,400        $41,280        $48,100
3              $23,200        $38,700        $46,440        $55,000
4              $25,750        $42,950        $51,540        $61,850
                                                            $68,700

This bill would incentivize developers to create housing fox the working
poor wherein a family of two, three or four facing a the challenge of
finding affordable housing in an environment. If we consider that as of
April, 2014, the average rent in the City is $3,017 per month and $2,899
for an average apartment within ten miles of the City, it is clear that
there exists an affordable housing gap for households earning 100% of
the AMI or slightly more. To keep the essential service, municipal,
administrative, health care and educator the needs of the City it is
necessary workforce accessible to meet to provide affordable housing.

 
LEGISLATIVE HISTORY:

2021-22: S5273 - Referred to HOUSING,CONSTRUCTION AND COMMUNITY DEVELOP-
MENT

2019-20: S.4823 - Referred to HOUSING,CONSTRUCTION AND COMMUNITY DEVEL-
OPMENT


2017-18: S.3624 - REFERRED TO HOUSING,CONSTRUCTION AND COMMUNITY DEVEL-
OPMENT

2015-16: S.2762/A.6813 - Referred to Housing, Construction and Community
Development

2014: S.7527 - Referred to Housing Construction and Community Develop-
ment

 
FISCAL IMPLICATIONS:

To be determined

 
EFFECTIVE DATE:
This act shall take place immediately.