§ 577-a. Adjusting fair rental equalization for the elderly.
(a)For\nthe purpose of enabling lower income elderly persons to continue in\noccupancy without paying rentals in excess of a fair proportion of their\nincome, any municipality having a population of less than one million is\nauthorized to make and to contract to make periodic payments to a\nhousing development fund company in an amount not exceeding the\ndifference between the rent or carrying charges for the dwellings\noccupied by such lower income persons and one-third of their net\nprobable aggregate annual income, where such rent or carrying charges\nexceed such one-third of income; provided that the aggregate amount of\nperiodic payments to be made in accordance with contracts entered into\nby the municipality during any
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§ 577-a. Adjusting fair rental equalization for the elderly. (a) For\nthe purpose of enabling lower income elderly persons to continue in\noccupancy without paying rentals in excess of a fair proportion of their\nincome, any municipality having a population of less than one million is\nauthorized to make and to contract to make periodic payments to a\nhousing development fund company in an amount not exceeding the\ndifference between the rent or carrying charges for the dwellings\noccupied by such lower income persons and one-third of their net\nprobable aggregate annual income, where such rent or carrying charges\nexceed such one-third of income; provided that the aggregate amount of\nperiodic payments to be made in accordance with contracts entered into\nby the municipality during any fiscal year thereof pursuant to this\nsection, subdivision nine of section thirty-one, subdivision seven of\nsection eighty-five-a, and section one hundred twenty-six of this\nchapter shall not exceed the aggregate amount of all real property taxes\npaid or payable during such fiscal year by all companies organized\npursuant to this article, article II, article IV, and article V of this\nchapter and the aggregate estimated receipts of all such companies in\nsuch fiscal year from rental surcharges collected or to be collected\npursuant to this chapter.\n (b) Such payments shall be made only where over-income tenants are\nrequired to pay surcharges to the municipality.\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. Notwithstanding the provisions of subdivision\ntwenty-nine of section two of this chapter, net probable aggregate\nannual income as used in this subdivision shall mean the annual income\nof family members from all sources after deduction of federal, state and\ncity income taxes; provided that any municipality may provide that\nincreases in benefits under the social security act which take effect\nafter such person or family has assumed occupancy shall not be taken\ninto 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