Establishes a housing infrastructure tax credit to provide a credit of up to ten percent of costs for infrastructure projects related to the construction of new homes or multiple dwellings commenced and completed within a specific time period.
This bill allows cities with a population over one million to reduce property taxes on qualifying affordable housing projects to zero percent. For other cities, it permits local governments to set taxes to zero percent upon approval. The tax exemption requires annual consent from the local legislative body, expires every ten years, and reverts to a minimum 10% tax rate if not renewed. It applies to projects financed through limited-profit housing programs and remains in effect as long as the project's mortgage loans are outstanding.
Requires municipalities to include an Affordable Housing Needs Assessment to establish a data-based foundation for the creation and preservation of affordable housing in the municipality, utilizing the U.S. Department of Housing and Urban Development median income calculations, in their comprehensive plans.
This bill creates a voluntary tax contribution option on New York state income tax returns to fund affordable housing specifically for veterans and seniors. Taxpayers can choose to donate any whole dollar amount without reducing their tax liability, with all contributions directed to the new "Affordable Housing for Veterans and Seniors Fund." The fund, managed by the tax commissioner, veterans' affairs director, and comptroller, must be used exclusively for affordable housing projects serving these groups, with annual reports detailing how funds were spent and distributed. The bill requires yearly spending reports to state officials and the public, ensuring transparency in fund utilization.
This bill gives tenant associations in assisted rental housing the right to be the first to purchase their building if the owner plans to convert it (e.g., stop offering affordable rents). To qualify, a tenant association must form with support from at least 60% of tenants and notify the owner and housing division. If a third party makes a "bona fide offer" to buy the building, the tenant association can match that offer or purchase it at the appraised value. The bill applies specifically to properties with federal, state, or city rent restrictions that keep housing affordable for low-income households.
Requires affordable housing units that are subject to the provisions of the Affordable New York Housing Program to be subject to rent stabilization at the end of the tax abatement and extended affordability period; provides that units subject to tax exemptions or abatements pursuant to other laws be subject to rent stabilization at the expiration of such tax exemptions or abatements.
Establishes the shovel-ready housing program under which certain municipalities, at their option, may pre-authorize parcels of property for the construction of housing; establishes a shovel-ready community tax rebate for taxpayers residing in municipalities that opt-in to the shovel-ready housing program; provides for annual apportionment to municipalities that have certified participation in the shovel-ready housing program.
Provides that a policy of this state should be to increase housing options and opportunities, including but not limited to affordable, and workforce and senior housing.
This bill expands an existing tax credit for farmers to cover the cost of constructing housing for farm workers. It specifically allows farmers to claim the credit for standard construction materials and labor used to build residential housing occupied by workers employed in their farming operations. The change modifies the tax law to include housing construction under the "eligible costs" for the credit, which previously applied only to equipment and production-related property. This directly affects farmers who build housing for their agricultural workforce in New York. The policy change is a straightforward expansion of an existing tax incentive, with no new eligibility requirements beyond the current credit framework.
This bill (S 107) grants tenant associations in "assisted rental housing" (buildings with federal/state rent controls or subsidies) the right to purchase their building before it converts to market-rate housing. Tenant associations representing at least 60% of occupied units can submit a written offer to buy at the property's appraised value within 120 days of a potential sale, before the owner accepts a third-party offer. The bill defines "affordable" as rents not exceeding 30% of household income or prior rent restrictions, and requires the purchase to maintain long-term affordability. It applies specifically to properties participating in programs like Section 8 or HUD-subsidized housing, giving tenants priority to prevent displacement.
