Int. No. 1443
By Council Members Nurse and Louis
A Local Law to amend the administrative code of the city of New York, in relation to the citywide percentage of rental units in projects receiving city financial assistance that must be affordable for extremely low-income and very low-income households
Be it enacted by the Council as follows:
Section 1. Title 26 of the administrative code of the city of New York is amended by adding a new chapter 37 to read as follows:
CHAPTER 37
ALLOCATION OF AFFORDABLE UNITS BY INCOME BAND
§ 26-3701 Definitions. As used in this chapter, the following terms have the following meanings:
Area median income. The term “area median income” means the income limits as defined annually by the United States department of housing and urban development (HUD) for the New York, NY HUD Metro FMA Area (HMFA), as established in section 3 of the housing act of 1937, as amended.
City financial assistance. The term “city financial assistance” means any loans, grants, tax credits, tax exemptions, or tax abatements conveyed or expended by the city other than as-of-right assistance.
Covered project. The term “covered project” means a project that receives city financial assistance to construct or rehabilitate a dwelling unit that is required to be offered for occupancy on a rental basis.
Department. The term “department” means the department of housing preservation and development.
Extremely low-income household. The term “extremely low-income household” means a household that has an income of no more than 30 percent of the area median income, adjusted for the size of the household.
Supportive housing. The term “supportive housing” means affordable, permanent housing with support services for residents.
Very low-income household. The term “very low-income household” means a household that has an income of more than 30 percent of the area median income but no more than 50 percent of the area median income, adjusted for the size of the household.
§ 26-3702 Minimum percentages of affordable rental units. a. The department shall ensure that of the aggregate number of all dwelling units in all covered projects that the department approves to receive city financial assistance in a fiscal year:
1. At least 30 percent shall be affordable for extremely low-income households; and
2. At least 20 percent shall be affordable for very low-income households.
b. For the purposes of paragraph 1 of subdivision a of this section, all dwelling units in covered projects set aside for homeless individuals and families pursuant to section 26-2802 and all dwelling units in covered projects used for supportive housing are considered affordable for extremely low-income households.
c. The department shall be deemed to be in compliance with subdivision a of this section if the average of the percentages achieved across 5 consecutive fiscal years equals the percentages set forth in subdivision a of this section.
§ 2. This local law takes effect immediately.
JEF
LS # 11578 20585
10/24/2025 1:20 PM