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S 3997 New York Senate · 2025 Regular Session

Relates to amending the low income housing tax credit eligibility requirements

Summary
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.
Issues: ✓ Budget & TaxesSupports Budget & TaxesAmends tax credit eligibility to target lower-income housing, directing tax benefits toward affordable housing programs for residents at 125% AMI.92% confidence ✓ HousingSupports HousingMandates 60% of LIHTC units be rent-restricted for households at 125% AMI, directly expanding affordable housing access through tax credit requirements.95% confidence
Bill status in committee 1 of 4 stages cleared
Introduction
Jan 2025
Committee Review
Floor Vote
Governor
Introduced Jan 31, 2025 Last action Jan 7, 2026
Floor votes

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Full legislative history

Actions timeline

Total actions
2
Key actions
0
Committee
2
Jan 7, 2026
Committee
REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
upper
Jan 31, 2025
Committee
REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
upper
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Kevin Parker
Kevin Parker
DDemocratic/Working Families
NY
21