2019 New York Laws
PVH - Private Housing Finance
Article 11 - 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.