§ 126. Reduced rentals for the elderly.
(a)For the purpose of\nenabling lower income elderly persons to continue in occupancy without\npaying rentals in excess of a fair proportion of their income, any\nmunicipality having a population of less than one million is authorized\nto make and to contract to make periodic payments to a redevelopment\ncompany in an amount not exceeding the difference between the rent or\ncarrying charges for the dwellings occupied by such lower income persons\nand one-third of their net probable aggregate annual income, where such\nrent or carrying charges exceed such one-third of income; provided that\nthe aggregate amount of periodic payments to be made in accordance with\ncontracts entered into by the municipality during any fiscal year\nthereof pursuant to
Free access — add to your briefcase to read the full text and ask questions with AI
§ 126. Reduced rentals for the elderly. (a) For the purpose of\nenabling lower income elderly persons to continue in occupancy without\npaying rentals in excess of a fair proportion of their income, any\nmunicipality having a population of less than one million is authorized\nto make and to contract to make periodic payments to a redevelopment\ncompany in an amount not exceeding the difference between the rent or\ncarrying charges for the dwellings occupied by such lower income persons\nand one-third of their net probable aggregate annual income, where such\nrent or carrying charges exceed such one-third of income; provided that\nthe aggregate amount of periodic payments to be made in accordance with\ncontracts entered into by the municipality during any fiscal year\nthereof pursuant to this section, subdivision nine of section\nthirty-one, subdivision seven of section eighty-five-a, and section five\nhundred seventy-seven-a of this chapter shall not exceed the aggregate\namount of all real property taxes paid or payable during such fiscal\nyear by all companies organized pursuant to this article, article II,\narticle IV, and article XI of this chapter and the aggregate estimated\nreceipts of all such companies in such fiscal year from rental\nsurcharges collected or to be collected pursuant to this chapter.\n (b) Such payments shall be made only where the contract between the\nmunicipality and the company pursuant to section one hundred fourteen\nimposes income limitations on admission and on continued occupancy and\nrequires the payment of surcharges to the municipality by over-income\noccupants.\n (c) Such payments shall be made only on account of a person or family\nin occupancy where the head of the household is sixty-two years of age\nor older and is not a recipient of public assistance pursuant to the\nsocial services law, and where the net probable aggregate annual income\nof the person or family in occupancy does not exceed six thousand five\nhundred dollars a year.\n Notwithstanding the provisions of subdivision twenty-nine of section\ntwo of this chapter, net probable aggregate annual income shall mean the\nannual income of family members from all sources after deductions of\nfederal, state and city income taxes; provided that any municipality may\nprovide that increases in benefits under the social security act which\ntake effect after such person or family has assumed occupancy shall not\nbe taken into account.\n (d) A company having a contract with the municipality pursuant to this\nsubdivision may not collect from persons or families in occupancy on\nwhose account such payments are made any rentals in excess of the\namounts specified in such contract.\n