2021 New York Laws
PVH - Private Housing Finance
Article 5 - Redevelopment Companies
126 - Reduced Rentals for the Elderly.

§  126.  Reduced  rentals  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 redevelopment
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 five
hundred seventy-seven-a 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 XI 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 the contract between the
municipality and the company pursuant to section  one  hundred  fourteen
imposes  income  limitations on admission and on continued occupancy and
requires the payment of surcharges to the  municipality  by  over-income
occupants.
  (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 shall mean the
annual  income  of  family  members from all sources after deductions 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.