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