Bill Text: NY S03913 | 2019-2020 | General Assembly | Introduced


Bill Title: Relates to limited-profit housing companies and tax exemptions.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2019-02-21 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S03913 Detail]

Download: New_York-2019-S03913-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          3913
                               2019-2020 Regular Sessions
                    IN SENATE
                                    February 21, 2019
                                       ___________
        Introduced  by Sen. STAVISKY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Housing, Construction  and
          Community Development
        AN  ACT  to amend the private housing finance law, the real property tax
          law and the administrative code of the city of New York,  in  relation
          to limited-profit housing companies and tax exemptions
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Section 33 of the private housing finance law is amended by
     2  adding a new subdivision 7 to read as follows:
     3    7. Nothing contained in this section shall be construed  to  limit  or
     4  otherwise  impair  the  benefits  available  to  any company or resident
     5  eligible for exemption from taxation pursuant to sections  four  hundred
     6  twenty-five,  four hundred fifty-eight, four hundred fifty-nine and four
     7  hundred sixty-seven of the real property tax law.
     8    § 2. Paragraph (c) of subdivision 6 of section 458-a of the real prop-
     9  erty tax law, as added by chapter 171 of the laws of 1997, is amended to
    10  read as follows:
    11    (c) [Notwithstanding paragraph (b) of this subdivision, a]  A  tenant-
    12  stockholder  who resides in a dwelling that is subject to the provisions
    13  of either article two, four, five  or  eleven  of  the  private  housing
    14  finance  law  shall  [not] be eligible for an exemption pursuant to this
    15  section.
    16    § 3. Paragraph (c) of subdivision 3-a of section 467 of the real prop-
    17  erty tax law, as amended by chapter 49 of the laws of 1996,  is  amended
    18  to read as follows:
    19    (c)  Real property may be exempt from taxation pursuant to this subdi-
    20  vision by a municipality in which such property is located only  if  the
    21  governing  board  of  such  municipality, after public hearing, adopts a
    22  local law, ordinance or resolution providing therefor.  [Notwithstanding
    23  any provision of law to the contrary, any] Any local law,  ordinance  or
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01021-01-9

        S. 3913                             2
     1  resolution adopted pursuant to this paragraph may provide, or be amended
     2  to provide, that a tenant-stockholder who resides in a dwelling which is
     3  subject to the provisions of either article two, four, five or eleven of
     4  the  private housing finance law and who is eligible for a rent increase
     5  exemption pursuant to section four hundred sixty-seven-c of  this  title
     6  shall  [not]  be  eligible for an exemption pursuant to this subdivision
     7  and that a tenant-stockholder who resides in a dwelling which is subject
     8  to the provisions of either article two, four, five  or  eleven  of  the
     9  private  housing finance law and who is not eligible for a rent increase
    10  exemption pursuant to section four hundred sixty-seven-c of  this  title
    11  but who meets the requirements for eligibility for an exemption pursuant
    12  to  this section shall be eligible for such exemption provided that such
    13  exemption shall be in an amount determined by multiplying the  exemption
    14  otherwise  allowable  pursuant  to  this  section by a fraction having a
    15  numerator equal to the amount of real property taxes or payments in lieu
    16  of taxes that were paid with respect to such dwelling and a  denominator
    17  equal  to  the  full  amount of real property taxes that would have been
    18  owed with respect to such dwelling had it not been granted an  exemption
    19  or  abatement  of  real property taxes pursuant to any provision of law,
    20  provided, however, that any reduction in real  property  taxes  received
    21  with  respect  to such dwelling pursuant to this section or section four
    22  hundred sixty-seven-c of this title shall not be considered in calculat-
    23  ing such numerator. Any such local law, ordinance or resolution that  so
    24  provides,  or  is  amended  to  so  provide,  shall  also provide that a
    25  tenant-stockholder who resides in a dwelling which was or  continues  to
    26  be  subject  to  a  mortgage insured or initially insured by the federal
    27  government pursuant to section two  hundred  thirteen  of  the  National
    28  Housing  Act,  as  amended, and who is eligible for both a rent increase
    29  exemption pursuant to section four hundred sixty-seven-c of  this  title
    30  and an exemption pursuant to this subdivision, may apply for and receive
    31  either  a  rent  increase  exemption  pursuant  to  section four hundred
    32  sixty-seven-c of this title or an exemption pursuant  to  this  subdivi-
    33  sion, but not both.
    34    §  4. Paragraph (b) of subdivision 8 of section 11-245.4 of the admin-
    35  istrative code of the city of New York, as added by local law number  13
    36  of  the  city  of  New  York  for  the  year 1998, is amended to read as
    37  follows:
    38    (b) [Notwithstanding any other provision of law,  a]  A  tenant-stock-
    39  holder  who  resides in a dwelling which is subject to the provisions of
    40  either article II, IV, V or XI of the private housing finance law  shall
    41  [not] be eligible for an exemption pursuant to this subdivision.
    42    § 5. This act shall take effect immediately.
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