New York Laws
Article 5 - Redevelopment Companies
126 - Reduced Rentals for the Elderly.

(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.