Agency Archives:

The New York City Department of Finance is amending the rules for the Senior Citizen Rent Increase Exemption (“SCRIE”) and Disability Rent Increase Exemption (“DRIE”) Programs. The SCRIE and DRIE Programs are authorized by sections 467-b and 467-c of the New York State Real Property Tax Law and established by Chapter 3 (Section 26-401 et seq.), Chapter 4 (Section 26-501 et seq.) and Chapter 7 (Section 26-601 et seq.) of Title 26 of the Administrative Code of the City of New York. These programs provide eligible senior citizens and persons with disabilities with exemptions from certain rent increases. Covered property owners receive a corresponding abatement of real property taxes.

In order to improve banking services in under-served communities, the Banking Commission is authorized under GML 10(2)(c) to designate BDD branches that may hold City funds, and to define the terms for these deposits. Such terms may include permission for such branches to provide a lower interest rate. The current limit is $10 million per branch, as provided in a 2003 resolution. In order to further economic recovery following the COVID-19 pandemic, the Banking Commission wishes to increase the maximum amount that may be deposited to $20 million per branch.