Bloomberg raises cap for seniors’ rental subsidy

Mayor Michael Bloomberg signed a bill into law Tuesday that increases the cap for participating in the Senior Citizen Rent Increase Exemption Program (or, SCRIE Program). Seniors now 62 or older applying for the program must be on an annual income of $24,000 or less and live in a rent-regulated apartment. The new law increases that amount by $1,000 for the next five years, raising the cap to $29,000 by 2009. more [NY1]