Bill Text: NY A10355 | 2023-2024 | General Assembly | Amended

New York Assembly Bill 10355

Bill Title: Authorizes the granting of an additional real property tax exemption for certain redevelopment company projects within the county of Nassau.

Spectrum: Moderate Partisan Bill (Republican 4-1)

Status: (Introduced) 2024-06-07 - substituted by s8647a [A10355 Detail]

Download: New_York-2023-A10355-Amended.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                        10355--A

                   IN ASSEMBLY

                                      May 20, 2024
                                       ___________

        Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. Stern) --
          read once and referred  to  the  Committee  on  Housing  --  committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to said committee

        AN  ACT to amend the private housing finance law, in relation to author-
          izing the granting of an additional real property  tax  exemption  for
          certain redevelopment company projects within the county of Nassau

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivision 1 of section 125 of the private housing finance
     2  law is amended by adding a new paragraph (a-5) to read as follows:
     3    (a-5) Any inconsistent provision of law notwithstanding, including but
     4  not limited to any limitation in paragraph (a) of this subdivision,  the
     5  local  legislative body of any municipality within the County of Nassau,
     6  with respect to a project either: (i) acquired by a mutual redevelopment
     7  company pursuant to section one hundred twenty-six of this  article;  or
     8  (ii)  owned and continuing to be owned by a mutual redevelopment company
     9  where there is a restriction that  said  housing  must  be  occupied  by
    10  seniors  with a minimum age of fifty-five as a condition to any restric-
    11  tive covenants of said mutual redevelopment company, which would require
    12  substantial increases in  carrying  or  maintenance  charges  after  the
    13  initial  period  of  tax  exemption  is  ended  or  is  going to require
    14  increases in  the  carrying  or  maintenance  charges  during  any  such
    15  extended  tax exemption pursuant to a present extension agreement due to
    16  the reduction or elimination  of  the  tax  exemption  provided  to  the
    17  project immediately preceding the termination of the initial twenty-five
    18  year  period,  unless  relief is provided, may contract with such mutual
    19  redevelopment company to: (i) extend such tax  exemption  for  not  more
    20  than  twenty-five  additional  years at the rate of the tax exemption of
    21  such project immediately preceding the termination of the initial  twen-
    22  ty-five  year  period for all of the additional twenty-five year period;
    23  or (ii) modify an existing extended tax exemption to provide for such an
    24  extension.
    25    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14357-04-4