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A05462 Summary:

SPONSORCymbrowitz (MS)
COSPNSRRosenthal L, Hyndman, Ortiz, D'Urso, Barnwell, Mosley, O'Donnell, Simon, Colton, Abbate, Carroll, Cook, Williams, Gottfried, De La Rosa, Crespo, Barron, Walker, Davila
Amd 654-b, add Art 16-B 930 - 933, Priv Hous Fin L; amd 11-2102 & 11-2104, NYC Ad Cd
Relates to rental assistance for low income elderly families; imposes a tax on conveyances or transfers of residential real property whose consideration is greater than two million dollars.
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A05462 Memo:

submitted in accordance with Assembly Rule III, Sec 1(f)
SPONSOR: Cymbrowitz (MS)
  TITLE OF BILL: An act to amend the private housing finance law, in relation to the provision of rental assistance for low income elderly families, and to amend the administrative code of the city of New York, in relation to imposing a tax on conveyances or transfers of residential real property whose consideration is greater than two million dollars   PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to ensure that low income seniors can stay in their homes by providing rental assistance.   SUMMARY OF SPECIFIC PROVISIONS: This bill would provide rental assistance to older adults who are paying more than 30 percent of their monthly income toward their rent. To be eligible, an older adult and their family would have a total income that does not exceed 80 percent of the area median income. The amount of rental assistance would be calculated as the difference between the senior's rent payable, or maximum rent set by the agency, and 30 percent of the senior's monthly income. A tax on the transfer of residential real property for consideration greater than two million dollars would be instituted to support this rental assistance benefit. The tax would apply to the amount of the consideration in excess of two million dollars.   JUSTIFICATION: Older adults often live on fixed incomes as costs for essential goods and services rise. The cost of housing, particularly rents in most areas of New York City, is often particularly burdensome. Financial experts recommend that a family pay no more than one third of their monthly income toward rent, but thousands of seniors across the City are paying much more. This increasing rent burden puts considerable strain on the senior's finances and increases the risk that they will ultimately no longer be able to afford to stay in their homes. Unfortunately, there are not enough affordable housing units for these older adults to move into, which necessitates this new approach. The time to act to support our seniors in their homes is now.   PRIOR LEGISLATIVE HISTORY: 2017-18 A.6584 referred to ways and means: S.5336   FISCAL IMPLICATIONS: This bill will not impact the State Financial Plan.   EFFECTIVE DATE: This act shall take effect on the ninetieth day after it shall have become a law.
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