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

New York Assembly Bill 10355

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          10355

                   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

        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  County of Nassau, with respect to a project either: (i)  acquired  by  a
     6  mutual  redevelopment company pursuant to section one hundred twenty-six
     7  of this article; or (ii) owned and continuing to be owned  by  a  mutual
     8  redevelopment company and that is also classified as a cooperative hous-
     9  ing  association  where there is a restriction that said housing must be
    10  occupied by seniors with a minimum age of fifty-five as a  condition  to
    11  any restrictive covenants of said cooperative housing association, which
    12  would  require  substantial  increases  in  carrying  and/or maintenance
    13  charges after the initial period of tax exemption is ended or  is  going
    14  to  require  increases in the carrying charges and/or maintenance during
    15  any such extended tax exemption pursuant to a present  extension  agree-
    16  ment  due  to the reduction or elimination of the tax exemption provided
    17  to the project immediately preceding  the  termination  of  the  initial
    18  twenty-five  year  period,  unless relief is provided, may contract with
    19  such mutual redevelopment company to: (i) extend such tax exemption  for
    20  not  more  than  twenty-five  additional  years  at  the rate of the tax
    21  exemption of such project immediately preceding the termination  of  the
    22  initial  twenty-five  year  period for all of the additional twenty-five
    23  year period; or (ii)  modify  an  existing  extended  tax  exemption  to
    24  provide for such an 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.
                                                                   LBD14357-03-4