“INVEST NEW YORK”
IDC Unveils 15 Innovative Investments that will Create Long Term Stability, Security and Sustainability for all New Yorkers
Proposals Invest in New York Workers, Students, Seniors and Families and Support a Significant Expansion in New York State Schools, Housing, and Communities
Independent Democratic Conference Leader Jeff Klein (D-Bronx/Westchester) formally announced the IDC's policy agenda, Invest New York, for the 2015 legislative session. Last month, the IDC laid out a comprehensive plan, A New Deal for New York, for investing the $5 billion financial settlement monies due to New York State. Continuing on the IDC’s commitment to invest in New York and New Yorkers, the IDC is unveiling 15 smart investments that will serve to better the everyday lives of the New York worker, student, senior and family while putting more money back in their pockets and promoting common sense programs and policies that create long-term prosperity. The Invest New York agenda also includes key investment in schools, housing and communities to ensure the viability and sustainability of New York cities and counties for many years to come.
Independent Democratic Conference Leader Jeff Klein said: “Invest New York is a bold and ambitious agenda that meets the challenges facing working families head-on. We have a unique opportunity to fundamentally transform the lives of working men and women who ask nothing more than the opportunity to work hard, send their kid to college, and save for a long and prosperous retirement. Each of these investments reflects IDC priorities of making our state more affordable, making our citizens’ lives better, and ensuring that a brighter tomorrow exists for generations to come.”
The Invest New York Agenda is outlined through a combination of five thematic categories that include: 1) investing in a first-rate workforce, 2) investing in educational excellence, 3) investing in vibrant and sustainable communities, 4) investing in New York housing, and 5) providing financial relief for and investing in New York’s working families and our seniors.
Senator David Carlucci (D-Rockland/Westchester) said: “I am committed to providing the hard working people of Rockland and Westchester County with good paying jobs and real tax relief. The Invest New York policy agenda is focused on ensuring our seniors, veterans and the struggling middle class have access to safe and affordable housing, fair wages, and the opportunities they need to live successful and enriched lives."
Senator David Valesky (D-Oneida) said: “Jobs, education, child and family care, and infrastructure are all issues of great importance to our constituents across the state. Invest New York is a comprehensive, common-sense policy agenda that will make a tangible difference in the lives of New Yorkers for years to come.”
Senator Tony Avella (D-Queens) said: “Invest New York is more than an agenda – it’s a map for New York’s future. Through these common sense programs and 15 investments we can improve the lives of each and every one of our working families, students, and seniors. Whether it’s ensuring that New York’s families have the security they need to take time off work to care for a loved one or providing our most vulnerable populations the support they need, Invest New York is our chance to build a better state.”
Senator Diane Savino (D-Staten Island/Brooklyn) said: "Whether it is investing in middle class housing, making college more affordable or creating the next generation of classrooms, Invest New York is a blueprint for meeting the challenges of 21st century realities. This agenda will establish the Empire State as a leader once again in making the critical investments necessary to help working families live, work and raise a family in an affordable environment. We are fully invested in these ideas and along with our signature New Deal for New York plan, we're ready to bolster our workforce and ensure greater security for the middle class for years to come."
The Invest New York agenda incorporates the following proposals:
Investing in a First-Rate Workforce
Raising the Minimum Wage
As demonstrated by years past, the IDC has always been at the forefront of advocating for raising the minimum wage. Thanks in large part to the IDC, New York was only among a handful of states that agreed to raise the minimum wage in the 2013 budget. Going forward, the IDC believes we can go further and supports giving cities and counties throughout the State the power to decide whether they want to increase the minimum wage in their respective localities. Under legislation originally introduced in 2014 by Senator Savino (S7743A), which will shortly be reintroduced in the 2015 session, cities and counties would be given the power to increase their own local minimum wages by up to 30% higher than the State minimum wage. That means that by 2016, a locality could decide to raise their own minimum wage up to $11.70 per hour, based on the $9 per hour statewide minimum wage.
Establishing Paid Family Leave and Raising Temporary Disability Insurance Benefits
As other states like New Jersey and California have already done, the IDC continues to advocate for the adoption of a meaningful paid family leave program in New York that truly meets the needs of working families. The IDC proposal would allow workers to claim a weekly benefit for up to six weeks per year equal to half their weekly wage to care for a new child or take care of a sick loved one. This plan extends to both public and private sector employees and ensures that businesses do not bear any direct out of pocket costs.
In addition, under a bill sponsored by Senator Tony Avella (S.7752), families would be able to secure greater flexibility by allowing workers to use accrued sick time benefits for the purpose of taking care of ill members of one’s family.
In order to meet the rise in cost of living, the IDC proposes increasing the weekly TDI benefit for workers through a gradual yearly phased-in process. Through a small increase in employee contributions and with the assistance of a State subsidy, working families will gain expanded financial benefits of up to a $250 a week maximum in order to accommodate their time away from work. Under the plan, New Yorkers would still be able to claim the benefit at the current maximum duration of 26 weeks per year.
Agricultural Resurgency Program
The IDC recognizes that agriculture has traditionally been a leading industry in New York State, but could be on the radical decline as the current population of farmers ages and there are no newcomers to fill the gap. Therefore, the IDC envisions the creation of a Agricultural Resurgency Program (ARP), a matching grant program which would be developed to assist new and beginning farm businesses with start-up or expansion costs. Funding would be used to purchase equipment, seed and/or stock, infrastructure, or other expensive capital improvements that present a barrier to opening or expanding a farm in New York and making it a viable business option. This program would ensure that high initial capital costs would no longer be a major impediment, especially to young entrepreneurs who want to open farms or expand existing family farms.
Investing in Educational Excellence
Student Loan Debt Relief and Prepaid College Tuition
With the cost of student tuition skyrocketing faster than inflation and drowning students in debt, the IDC proposes a grant program that would compensate students who graduated from an undergraduate or graduate school based in New York and are employed in public service in the state. A grant of up to $2,000 per individual would be applied towards the outstanding student loan balance. Additionally, New York would create a state tax deduction for interest paid on an undergraduate loan to match the federal deduction at 100%.
In addition, the IDC proposes strengthening tuition affordability in New York State by enabling parents and students to pre-pay college tuition. This would be accomplished by locking-in present day tuition rates at public and private colleges statewide. Already other states like Florida and Texas have implemented similar programs, and in doing so, will ensure that parents get a head start on financial planning for decades to come. This will ultimately save working families thousands of dollars of their own hard earned money.
Creating an Education Investment Tax Credit (EITC) for Public and Private Schools
When it comes to effectively educating our children, New York’s schools need every dollar they can get. The IDC believes in rewarding New Yorkers which opt to voluntarily donate to their local public or private school by finally making these donations tax deductible. In order to make sure every dollar is spent fairly and effectively, tax deductible donations made to private schools must be used to fund scholarship opportunities that qualify.
School Construction Trust Fund
The IDC proposes $400 million for the creation of a School Construction Trust Fund that would be a dedicated revenue stream for school improvements and expansions. The fund would address downstate issues of overcrowding in classrooms and accommodate upstate issues with regards to aging infrastructure of schools.
Investing in Vibrant and Sustainable Communities
The Sustainable Communities Program
In order to combat the effects of sprawl and decaying urban infrastructure, the IDC proposes the creation of a $150 million fund that would provide matching grants for smart-growth investments that create communities that are more pedestrian focused, use environmentally friendly construction techniques and revitalize waterfront property.
Green Homes Tax Credit
In order to spur development of environmentally efficient and green friendly homes the IDC proposes a refundable tax credit that would be offered to offset the cost of green development or retrofitting.
Zombie Property Act
The Abandoned Property Neighborhood Relief Act of 2014 would expand the 2009 signature law requiring lenders to maintain foreclosed properties from falling into disrepair. It would now require lenders to frequently inspect delinquent properties to determine if they are abandoned, while also requiring to maintain them regardless if a foreclosure judgment has been issued.
Investing in New York Housing
Enhance funding for Mitchell-Lama 2020 & Middle Income Housing Tax Credit
The IDC continues to believe that a cornerstone plank to making New York more affordable is through the availability of affordable middle class housing. That said, the IDC proposes investing $675 million in middle income housing: $650 million in the Mitchell – Lama 2020 program that would provide capital subsidies of up to $125,000 per unit for the construction of middle class housing that remains affordable for 30 years; and $25 million for the Middle Income Housing Tax Credit which would provide tax credits for developers financing the construction of middle class units.
Public Housing Revitalization Plan
A significant portion New York City Housing Authority units are in vital need of an upgrade. The IDC proposes a three-point plan that will provide much needed funds for NYCHA to repair and maintain current units. This includes (1) $500 million through a Public Housing Revitalization Fund for repairs, rehabilitation and upgrades (2) a restoration of $12 million in annual State operating subsidies for NYCHA, and (3) a long-term revenue generating strategy that will ensure NYCHA’s long-term viability through redevelopment of underused NYCHA land for affordable housing and mixed use. The IDC also supports giving preferences to disabled veterans (S.1702, sponsored by Senator Avella) and victims of domestic violence who meet all other requirements to apply for a public housing unit.
Making Housing Available for Our Vulnerable Populations
In order to ensure that those who are physically challenged, have mental health issues and our seniors have a safe and comfortable place to call home, the IDC calls for: (1) a $40 million fund dedicated to providing a direct subsidy for developers to incentivize housing for middle and low income seniors; (2) a REPAIR 2015 tax credit of up to $7,500 for repairs to seniors’ homes where the resident cannot afford the cost of the project; (3) the creation of a $25 million housing disability fund that would be used to leverage up to $180 million in private financing to be used to develop or retrofit up to 1,400 housing units for people with disabilities.
Investing in New York Families & Seniors
Dependent Tax Credit
The IDC understands that today’s economy requires both parents to work to make ends meet. Critical to both working parents and single parent families is affordable child care. Therefore, the IDC proposes continuing New York State’s effort to aid these families in their child care costs by increasing the Child and Dependent Care Credit by approximately 50 percent.
Senior Support Package
New York senior citizens face rising costs, yet most have to survive on a fixed income, therefore the IDC proposes reducing their financial burden through a senior utility circuit breaker program. This refundable tax credit would be available starting tax year 2015 and allow senior filers to be able to claim a credit equal to 50% of out-of-pocket utility expenses, over 7% of their income.
The IDC is also proposing providing a 10% discount on senior DMV transactions since one must pay registration and reregistration fees to drive in New York.
Child Care Subsidies
The IDC believes strongly in the importance of affordable child care and is calling for not only a full restoration of funding for the block grant back to 2010 funding levels, but an increase beyond that level to take into account rising needs. The IDC supports spending $100 million more in child care subsidies than we spent in the 2014 budget. The IDC also proposes an expansion of Facilitated Enrollment subsidy to $25 million within the NYS Child Care Block Grant into those cities that have demonstrated both need and momentum.
