New York City rental prices seem to continue to rise without any foreseeable decline. As a result, reasonably priced housing has become a coveted treasure city-wide.
However, through the Senior Citizen Rent Increase Exemption Program (SCRIE) renters who are 62 or older with yearly incomes below $50,000 may be eligible for exemption from all or some increases in rents, carrying charges, capital assessment or voluntary capital contributions.
Recent changes to the Senior Citizen Rent Increase Exemption (SCRIE) has expanded eligibility by increasing the maximum annual income to $50,000 from $29,000.
Lawmakers speculate that in the next ten years, New York City will see a 30% increase in the senior adult population. They further point out that New York City is home to the highest number of foreign-born senior citizens in the nation. As a result, more low-income seniors are seeking an affordable place to retire.
To be eligible for SCRIE, applicants must be at least 62-years-old and live in a rent-stabilized or rent-controlled unit or another qualifying rental or co-op apartment. Tenants who meet those guidelines and pay rent of at least one-third of their family income can have their rent frozen.
For more information about how the SCRIE program may apply to you or your elderly loved one, or for help navigating the complexities of Elder Law, please contact Tanya Hobson-Williams, Attorney at Law at (718) 210-4744.
