Income Threshhold Increasing For Senior Citizen Rent Increase
Effective July 1, 2014, the maximum household income that a qualifying senior citizen can earn while qualifying for the Senior Citizen Rent Increase Exemption program (“SCRIE”) will increase from $29,000 to $50,000 per year. The SCRIE program, which is administered by the New York City Department of Finance, exempts eligible tenants in rent-regulated units from future rent increases and provides landlords with tax credits in an amount equal to the increases the tenants would otherwise have been required to pay. To be eligible, a tenant must (1) be at least 62 years old, (2) live in an apartment that is rent-stabilized or rent-controlled, (3) spend more than one-third of his or her monthly income on rent, and (4) have a household income under the maximum during the previous calendar year.
Additional information on the SCRIE program can be obtained from the Department of Finance online at http://www.nyc.gov/html/dof/html/property/property_tax_reduc_drie_sc_te.shtml or by calling 311.