2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 11 - (570 - 582) HOUSING DEVELOPMENT FUND COMPANIES
577-A - Adjusting fair rental equalization for the elderly.

 
    §  577-a.  Adjusting fair rental equalization for the elderly. (a) For
  the purpose of enabling lower income  elderly  persons  to  continue  in
  occupancy without paying rentals in excess of a fair proportion of their
  income, any municipality having a population of less than one million is
  authorized  to  make  and  to  contract  to  make periodic payments to a
  housing  development  fund  company  in  an  amount  not  exceeding  the
  difference  between  the  rent  or  carrying  charges  for the dwellings
  occupied by such  lower  income  persons  and  one-third  of  their  net
  probable  aggregate  annual  income, where such rent or carrying charges
  exceed such one-third of income; provided that the aggregate  amount  of
  periodic  payments  to be made in accordance with contracts entered into
  by the municipality during any fiscal  year  thereof  pursuant  to  this
  section,  subdivision  nine  of section thirty-one, subdivision seven of
  section eighty-five-a,  and  section  one  hundred  twenty-six  of  this
  chapter shall not exceed the aggregate amount of all real property taxes
  paid  or  payable  during  such  fiscal  year by all companies organized
  pursuant to this article, article II, article IV, and article V of  this
  chapter  and  the  aggregate estimated receipts of all such companies in
  such fiscal year from rental surcharges collected  or  to  be  collected
  pursuant to this chapter.
    (b)  Such  payments  shall  be made only where over-income tenants are
  required to pay surcharges to the municipality.
    (c) Such payments shall be made only on account of a person or  family
  in  occupancy  where the head of the household is sixty-two years of age
  or older and is not a recipient of public  assistance  pursuant  to  the
  social  services law, and where the net probable aggregate annual income
  of the person or family in occupancy does not exceed six  thousand  five
  hundred  dollars  a year.  Notwithstanding the provisions of subdivision
  twenty-nine of section two  of  this  chapter,  net  probable  aggregate
  annual  income  as used in this subdivision shall mean the annual income
  of family members from all sources after deduction of federal, state and
  city income taxes; provided  that  any  municipality  may  provide  that
  increases  in  benefits  under the social security act which take effect
  after such person or family has assumed occupancy  shall  not  be  taken
  into account.
    (d) A company having a contract with the municipality pursuant to this
  subdivision  may  not  collect  from persons or families in occupancy on
  whose account such payments are  made  any  rentals  in  excess  of  the
  amounts specified in such contract.