Bill Text: NY S08438 | 2009-2010 | General Assembly | Introduced
Bill Title: Amends chapter 576 of the laws of 1974 amending the emergency housing rent control law relating to the control of and stabilization of rent in certain cases, chapter 274 of the laws of 1946, constituting the emergency housing rent control law, chapter 329 of the laws of 1963 amending the emergency housing rent control law relating to recontrol of rents in certain cases, chapter 555 of the laws of 1982 amending the general business law and the administrative code of the city of New York relating to conversion of residential property to cooperative or condominium ownership in the city of New York, chapter 402 of the laws of 1983 amending the general business law relating to conversions of residential property to cooperative or condominium ownership in certain municipalities in the counties of Nassau, Westchester and Rockland, in relation to extending the period of effectiveness thereof.
Spectrum: Committee Bill
Status: (Introduced - Dead) 2010-07-10 - REFERRED TO RULES [S08438 Detail]
Download: New_York-2009-S08438-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
8438
I N S E N A T E
July 10, 2010
___________
Introduced by COMMITTEE ON RULES -- read twice and ordered printed, and
when printed to be committed to the Committee on Rules
AN ACT to amend the real property tax law, in relation to tax exemptions
for new multiple dwellings; and to amend chapter 576 of the laws of
1974 amending the emergency housing rent control law relating to the
control of and stabilization of rent in certain cases, the emergency
housing rent control law, chapter 329 of the laws of 1963 amending the
emergency housing rent control law relating to recontrol of rents in
Albany, chapter 555 of the laws of 1982 amending the general business
law and the administrative code of the city of New York relating to
conversion of residential property to cooperative or condominium
ownership in the city of New York, chapter 402 of the laws of 1983
amending the general business law relating to conversions of rental
residential property to cooperative or condominium ownership in
certain municipalities in the counties of Nassau, Westchester and
Rockland and the rent regulation reform act of 1997, in relation to
extending the period of effectiveness thereof
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Paragraph c of subdivision 1 of section 421-a of the real
2 property tax law, as amended by chapter 447 of the laws of 2003, is
3 amended to read as follows:
4 c. "Multiple Dwelling." A dwelling which is to be occupied or is occu-
5 pied as the residence or home of three or more families living independ-
6 ently of one another, whether such dwelling is rented or owned as a
7 cooperative or condominium. A new multiple dwelling shall include new
8 residential construction and the concurrent conversion, alteration or
9 improvement of a pre-existing building or structure provided that (i)
10 for all tax lots now existing or hereafter created, no more than forty-
11 nine percent of the floor area (as defined in paragraph b of this subdi-
12 vision) of the multiple dwelling consists of the pre-existing building
13 or structure that was converted, altered or improved, and (ii) for tax
14 lots in the city of New York now existing or hereafter created within
15 the following area in the borough of Manhattan, the new residential
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD17988-02-0
S. 8438 2
1 construction and/or the concurrent conversion, alteration or improvement
2 of the pre-existing building or structure is aided by a grant, loan or
3 subsidy from any federal, state or local agency or instrumentality:
4 beginning at the intersection of the United States pierhead line in the
5 Hudson river and the center line of Chambers street extended, thence
6 easterly to the center line of Chambers street and continuing along the
7 center line of Chambers street to the center line of Centre street,
8 thence southerly along the center line of Centre street to the center
9 line of the Brooklyn Bridge to the intersection of the Brooklyn Bridge
10 and the United States pierhead line in the East river, thence northerly
11 along the United States pierhead line in the East river and the center
12 line of one hundred tenth street extended, thence westerly to the center
13 line of one hundred tenth street and continuing along the center line of
14 one hundred tenth street to its westerly terminus, thence westerly to
15 the intersection of the center line of one hundred tenth street extended
16 and the United States pierhead line in the Hudson river, thence souther-
17 ly along the United States pierhead line in the Hudson river to the
18 point of beginning. A CONVERTED MULTIPLE DWELLING SHALL INCLUDE THE
19 CONVERSION OF ALL OR PART OF AND THE CONCURRENT PHYSICAL ADDITION (IF
20 APPLICABLE) TO ANY PRE-EXISTING BUILDING OR STRUCTURE THAT IS NOT A
21 CLASS A MULTIPLE DWELLING TO A CLASS A MULTIPLE DWELLING, PROVIDED THAT,
22 FOR ALL TAX LOTS NOW EXISTING OR HEREAFTER CREATED, (I) AT LEAST SEVEN-
23 TY-FIVE PERCENT OF THE TOTAL AREA OF THE ORIGINAL PERIMETER WALLS MUST
24 REMAIN IN PLACE AS PERIMETER WALLS IN THE BUILDING, OR (II) AT LEAST
25 FIFTY PERCENT OF THE ORIGINAL FLOOR AREA OF THE BUILDING MUST REMAIN IN
26 PLACE AS FLOOR AREA, AND FURTHER PROVIDED THAT CONSTRUCTION OF SUCH
27 CONVERTED MULTIPLE DWELLING COMMENCES ON OR AFTER THE EFFECTIVE DATE OF
28 THE CHAPTER OF THE LAWS OF TWO THOUSAND TEN WHICH AMENDED THIS PARA-
29 GRAPH. WHEREVER THIS SECTION REFERS TO A MULTIPLE DWELLING OR MULTIPLE
30 DWELLINGS IT SHALL BE TAKEN TO MEAN BOTH NEW MULTIPLE DWELLINGS AND
31 CONVERTED MULTIPLE DWELLINGS, AS DEFINED IN THIS PARAGRAPH.
32 S 2. Subparagraph (i) of paragraph (a) of subdivision 2 of section
33 421-a of the real property tax law, as amended by chapter 288 of the
34 laws of 1985, is amended to read as follows:
35 (i) Within a city having a population of one million or more, new
36 multiple dwellings AND CONVERTED MULTIPLE DWELLINGS, except hotels,
37 shall be exempt from taxation for local purposes, other than assessments
38 for local improvements, for the tax year or years immediately following
39 taxable status dates occurring subsequent to the commencement and prior
40 to the completion of construction, but not to exceed three such tax
41 years, EXCEPT FOR NEW MULTIPLE DWELLINGS THE CONSTRUCTION OF WHICH
42 COMMENCED BETWEEN JANUARY FIRST, TWO THOUSAND SEVEN AND JUNE THIRTIETH,
43 TWO THOUSAND NINE WHICH SHALL BE EXEMPT FROM TAXATION FOR LOCAL
44 PURPOSES, OTHER THAN ASSESSMENTS FOR LOCAL IMPROVEMENTS, FOR THE TAX
45 YEAR OR YEARS IMMEDIATELY FOLLOWING TAXABLE STATUS DATES OCCURRING
46 SUBSEQUENT TO THE COMMENCEMENT AND PRIOR TO THE COMPLETION OF
47 CONSTRUCTION, BUT NOT TO EXCEED SIX SUCH TAX YEARS, and shall continue
48 to be exempt from such taxation in tax years immediately following the
49 taxable status date first occurring after the expiration of the
50 exemption herein conferred during construction so long as used at the
51 completion of construction for dwelling purposes for a period not to
52 exceed ten years in the aggregate after the taxable status date imme-
53 diately following the completion thereof, as follows:
54 (A) except as otherwise provided herein there shall be full exemption
55 from taxation during the period of construction or the period of three
56 years immediately following commencement of construction, whichever
S. 8438 3
1 expires sooner, EXCEPT FOR NEW MULTIPLE DWELLINGS THE CONSTRUCTION OF
2 WHICH COMMENCED BETWEEN JANUARY FIRST, TWO THOUSAND SEVEN AND JUNE THIR-
3 TIETH, TWO THOUSAND NINE WHICH SHALL BE ELIGIBLE FOR FULL EXEMPTION FROM
4 TAXATION DURING THE PERIOD OF CONSTRUCTION OR THE PERIOD OF SIX YEARS
5 IMMEDIATELY FOLLOWING COMMENCEMENT OF CONSTRUCTION, WHICHEVER EXPIRES
6 SOONER, and for two years following such period;
7 (B) followed by two years of exemption from eighty per cent of such
8 taxation;
9 (C) followed by two years of exemption from sixty per cent of such
10 taxation;
11 (D) followed by two years of exemption from forty per cent of such
12 taxation;
13 (E) followed by two years of exemption from twenty per cent of such
14 taxation;
15 The following table shall illustrate the computation of the tax
16 exemption:
17 CONSTRUCTION OF CERTAIN MULTIPLE DWELLINGS
18 Exemption
19 During Construction (maximum three years, 100%
20 EXCEPT FOR CONSTRUCTION
21 COMMENCEMENT BETWEEN JANUARY FIRST,
22 TWO THOUSAND SEVEN AND JUNE
23 THIRTIETH, TWO THOUSAND NINE WHICH
24 HAS A MAXIMUM OF SIX YEARS)
25 Following completion of work
26 Year:
27 1 100%
28 2 100
29 3 80
30 4 80
31 5 60
32 6 60
33 7 40
34 8 40
35 9 20
36 10 20
37 S 3. Clause (A) of subparagraph (ii) of paragraph (a) of subdivision 2
38 of section 421-a of the real property tax law, as amended by chapter 288
39 of the laws of 1985, is amended to read as follows:
40 (A) Within a city having a population of one million or more the local
41 housing agency may adopt rules and regulations providing that except in
42 areas excluded by local law new multiple dwellings AND CONVERTED MULTI-
43 PLE DWELLINGS, except hotels, shall be exempt from taxation for local
44 purposes, other than assessments for local improvements, for the tax
45 year or years immediately following taxable status dates occurring
46 subsequent to the commencement and prior to the completion of
47 construction, but not to exceed three such tax years, EXCEPT FOR NEW
48 MULTIPLE DWELLINGS THE CONSTRUCTION OF WHICH COMMENCED BETWEEN JANUARY
49 FIRST, TWO THOUSAND SEVEN AND JUNE THIRTIETH, TWO THOUSAND NINE WHICH
50 SHALL BE EXEMPT FROM TAXATION FOR LOCAL PURPOSES, OTHER THAN ASSESSMENTS
51 FOR LOCAL IMPROVEMENTS, FOR THE TAX YEAR OR YEARS IMMEDIATELY FOLLOWING
52 TAXABLE STATUS DATES OCCURRING SUBSEQUENT TO THE COMMENCEMENT AND PRIOR
S. 8438 4
1 TO THE COMPLETION OF CONSTRUCTION, BUT NOT TO EXCEED SIX SUCH TAX YEARS,
2 and shall continue to be exempt from such taxation in tax years imme-
3 diately following the taxable status date first occurring after the
4 expiration of the exemption herein conferred during such construction so
5 long as used at the completion of construction for dwelling purposes for
6 a period not to exceed fifteen years in the aggregate, as follows:
7 a. except as otherwise provided herein there shall be full exemption
8 from taxation during the period of construction or the period of three
9 years immediately following commencement of construction, whichever
10 expires sooner, EXCEPT FOR NEW MULTIPLE DWELLINGS THE CONSTRUCTION OF
11 WHICH COMMENCED BETWEEN JANUARY FIRST, TWO THOUSAND SEVEN AND JUNE THIR-
12 TIETH, TWO THOUSAND NINE WHICH SHALL BE ELIGIBLE FOR FULL EXEMPTION FROM
13 TAXATION DURING THE PERIOD OF CONSTRUCTION OR THE PERIOD OF SIX YEARS
14 IMMEDIATELY FOLLOWING COMMENCEMENT OF CONSTRUCTION, WHICHEVER EXPIRES
15 SOONER, and for eleven years following such period;
16 b. followed by one year of exemption from eighty percent of such taxa-
17 tion;
18 c. followed by one year of exemption from sixty percent of such taxa-
19 tion;
20 d. followed by one year of exemption from forty percent of such taxa-
21 tion;
22 e. followed by one year of exemption from twenty percent of such taxa-
23 tion.
24 S 4. Clause (C) of subparagraph (ii) of paragraph (a) of subdivision
25 2 of section 421-a of the real property tax law, as amended by chapter
26 288 of the laws of 1985, is amended to read as follows:
27 (C) Unless excluded by local law, in the city of New York the benefits
28 of this subparagraph shall be available in the borough of Manhattan for
29 tax lots now existing or hereafter created south of or adjacent to
30 either side of one hundred tenth street only if:
31 a. FOR NEW MULTIPLE DWELLINGS:
32 (I) the construction is carried out with the substantial assistance of
33 grants, loans or subsidies from any federal, state or local agency or
34 instrumentality, or
35 [b.] (II) the local housing agency has imposed a requirement or has
36 certified that twenty percent of the units be affordable to families of
37 low and moderate income.
38 B. FOR CONVERTED MULTIPLE DWELLINGS:
39 (I) THE CONSTRUCTION IS CARRIED OUT WITH THE SUBSTANTIAL ASSISTANCE OF
40 GRANTS, LOANS OR SUBSIDIES FROM ANY FEDERAL, STATE OR LOCAL AGENCY OR
41 INSTRUMENTALITY, OR
42 (II) THE LOCAL HOUSING AGENCY HAS IMPOSED A REQUIREMENT OR HAS CERTI-
43 FIED THAT TWENTY PERCENT OF THE UNITS BE AFFORDABLE TO FAMILIES WHOSE
44 INCOMES ARE NOT IN EXCESS OR ONE HUNDRED PERCENT OF AREA MEDIAN INCOME.
45 The following table shall illustrate the computation of the exemption:
46 CONSTRUCTION OF CERTAIN
47 MULTIPLE DWELLINGS
48 Exemption
49 During Construction (maximum three years, 100%
50 EXCEPT FOR CONSTRUCTION COMMENCEMENT BETWEEN
51 JANUARY FIRST, TWO THOUSAND SEVEN AND JUNE
52 THIRTIETH, TWO THOUSAND NINE WHICH HAS A
53 MAXIMUM OF SIX YEARS)
S. 8438 5
1 Following completion of work
2 Year:
3 1 through 11 100%
4 12 80
5 13 60
6 14 40
7 15 20
8 S 5. Clause (A) of subparagraph (iii) of paragraph (a) of subdivision
9 2 of section 421-a of the real property tax law, as amended by chapter
10 702 of the laws of 1992, is amended to read as follows:
11 (A) Within a city having a population of one million or more the local
12 housing agency may adopt rules and regulations providing that new multi-
13 ple dwellings AND CONVERTED MULTIPLE DWELLINGS, except hotels, shall be
14 exempt from taxation for local purposes, other than assessments for
15 local improvements, for the tax year or years immediately following
16 taxable status dates occurring subsequent to the commencement and prior
17 to the completion of construction, but not to exceed three such tax
18 years, EXCEPT FOR NEW MULTIPLE DWELLINGS THE CONSTRUCTION OF WHICH
19 COMMENCED BETWEEN JANUARY FIRST, TWO THOUSAND SEVEN AND JUNE THIRTIETH,
20 TWO THOUSAND NINE WHICH SHALL BE EXEMPT FROM TAXATION FOR LOCAL
21 PURPOSES, OTHER THAN ASSESSMENTS FOR LOCAL IMPROVEMENTS, FOR THE TAX
22 YEAR OR YEARS IMMEDIATELY FOLLOWING TAXABLE STATUS DATES OCCURRING
23 SUBSEQUENT TO THE COMMENCEMENT AND PRIOR TO THE COMPLETION OF
24 CONSTRUCTION, BUT NOT TO EXCEED SIX SUCH TAX YEARS, and shall continue
25 to be exempt from such taxation in tax years immediately following the
26 taxable status date first occurring after the expiration of the
27 exemption herein conferred during such construction so long as used at
28 the completion of construction for dwelling purposes for a period not to
29 exceed twenty-five years in the aggregate, provided that the area in
30 which the project is situated is a neighborhood preservation program
31 area as determined by the local housing agency as of June first, nine-
32 teen hundred eighty-five, or is a neighborhood preservation area as
33 determined by the New York city planning commission as of June first,
34 nineteen hundred eighty-five, or is an area that was eligible for mort-
35 gage insurance provided by the rehabilitation mortgage insurance corpo-
36 ration as of May first, nineteen hundred ninety-two or is an area
37 receiving funding for a neighborhood preservation project pursuant to
38 the neighborhood reinvestment corporation act (42 U.S.C. SS180 et seq.)
39 as of June first, nineteen hundred eighty-five, as follows:
40 a. except as otherwise provided herein there shall be full exemption
41 from taxation during the period of construction or the period of three
42 years immediately following commencement of construction, whichever
43 expires sooner, EXCEPT FOR NEW MULTIPLE DWELLINGS THE CONSTRUCTION OF
44 WHICH COMMENCED BETWEEN JANUARY FIRST, TWO THOUSAND SEVEN AND JUNE THIR-
45 TIETH, TWO THOUSAND NINE WHICH SHALL BE ELIGIBLE FOR FULL EXEMPTION FROM
46 TAXATION DURING THE PERIOD OF CONSTRUCTION OR THE PERIOD OF SIX YEARS
47 IMMEDIATELY FOLLOWING COMMENCEMENT OF CONSTRUCTION, WHICHEVER EXPIRES
48 SOONER, and for twenty-one years following such period;
49 b. followed by one year of exemption from eighty percent of such taxa-
50 tion;
51 c. followed by one year of exemption from sixty percent of such taxa-
52 tion;
53 d. followed by one year of exemption from forty percent of such taxa-
54 tion;
S. 8438 6
1 e. followed by one year of exemption from twenty percent of such taxa-
2 tion.
3 S 6. Clause (D) of subparagraph (iii) of paragraph (a) of subdivision
4 2 of section 421-a of the real property tax law, as amended by chapter
5 288 of the laws of 1985, is amended to read as follows:
6 (D) In addition to being available in the areas described in [item]
7 CLAUSE (A) of this subparagraph, the benefits made available pursuant to
8 this subparagraph shall be available where:
9 a. FOR NEW MULTIPLE DWELLINGS:
10 (I) the construction is carried out with the substantial assistance of
11 grants, loans or subsidies from any federal, state or local agency or
12 instrumentality, or
13 [b.] (II) the local housing agency has imposed a requirement or has
14 certified that twenty percent of the units be affordable to families of
15 low and moderate income.
16 B. FOR CONVERTED MULTIPLE DWELLINGS:
17 (I) THE CONSTRUCTION IS CARRIED OUT WITH THE SUBSTANTIAL ASSISTANCE OF
18 GRANTS, LOANS OR SUBSIDIES FROM ANY FEDERAL, STATE OR LOCAL AGENCY OR
19 INSTRUMENTALITY, OR
20 (II) THE LOCAL HOUSING AGENCY HAS IMPOSED A REQUIREMENT OR HAS CERTI-
21 FIED THAT TWENTY PERCENT OF THE UNITS BE AFFORDABLE TO FAMILIES WHOSE
22 INCOMES ARE NOT IN EXCESS OR ONE HUNDRED PERCENT OF AREA MEDIAN INCOME.
23 The following table shall illustrate the computation of the exemption:
24 CONSTRUCTION OF CERTAIN
25 MULTIPLE DWELLINGS
26 Exemption
27 During Construction (maximum three 100%
28 years, EXCEPT FOR
29 CONSTRUCTION COMMENCEMENT
30 BETWEEN JANUARY FIRST, TWO
31 THOUSAND SEVEN AND JUNE THIRTIETH,
32 TWO THOUSAND NINE WHICH HAS A
33 MAXIMUM OF SIX YEARS)
34 Following completion of work
35 Year:
36 1 through 21 100%
37 22 80
38 23 60
39 224 40
40 25 20
41 S 7. Clause (E) of subparagraph (iii) of paragraph (a) of subdivision
42 2 of section 421-a of the real property tax law, as added by chapter 618
43 of the laws of 2007, is amended to read as follows:
44 (E) A new multiple dwelling OR A CONVERTED MULTIPLE DWELLING that is
45 situated in (1) a neighborhood preservation program area as determined
46 by the department of housing preservation and development as of June
47 first, nineteen hundred eighty-five, (2) a neighborhood preservation
48 area as determined by the New York city planning commission as of June
49 first, nineteen hundred eighty-five, (3) an area that was eligible for
50 mortgage insurance provided by the rehabilitation mortgage insurance
51 corporation as of May first, nineteen hundred ninety-two, or (4) an area
52 receiving funding for a neighborhood preservation project pursuant to
53 the neighborhood reinvestment corporation act (42 U.S.C. SS 8101 et
S. 8438 7
1 seq.) as of June first, nineteen hundred eighty-five, shall not be
2 eligible for the benefits available pursuant to this subparagraph unless
3 it complies with the provisions of subdivision seven of this section.
4 S 8. Subparagraph (iv) of paragraph (a) of subdivision 2 of section
5 421-a of the real property tax law, as added by chapter 832 of the laws
6 of 1992, item (A) as amended by chapter 432 of the laws of 1998, the
7 opening paragraph of item (A) as amended by chapter 618 of the laws of
8 2007, is amended to read as follows:
9 (iv) (A) Unless excluded by local law, in the city of New York, the
10 benefits of this subparagraph shall be available in the borough of
11 Manhattan for new multiple dwellings OR CONVERTED MULTIPLE DWELLINGS on
12 tax lots now existing or hereafter created south of or adjacent to
13 either side of one hundred tenth street which commence construction
14 after July first, nineteen hundred ninety-two and before December twen-
15 ty-eighth, two thousand ten only if:
16 a. FOR NEW MULTIPLE DWELLINGS:
17 (I) the construction is carried out with the substantial assistance of
18 grants, loans or subsidies from any federal, state or local agency or
19 instrumentality, or
20 [b.] (II) the local housing agency has imposed a requirement or has
21 certified that twenty percent of the units are affordable to families of
22 low and moderate income.
23 B. FOR CONVERTED MULTIPLE DWELLINGS:
24 (I) THE CONSTRUCTION IS CARRIED OUT WITH THE SUBSTANTIAL ASSISTANCE OF
25 GRANTS, LOANS OR SUBSIDIES FROM ANY FEDERAL, STATE OR LOCAL AGENCY OR
26 INSTRUMENTALITY, OR
27 (II) THE LOCAL HOUSING AGENCY HAS IMPOSED A REQUIREMENT OR HAS CERTI-
28 FIED THAT TWENTY PERCENT OF THE UNITS BE AFFORDABLE TO FAMILIES WHOSE
29 INCOMES ARE NOT IN EXCESS OR ONE HUNDRED PERCENT OF AREA MEDIAN INCOME.
30 (B) Such new multiple dwellings AND CONVERTED MULTIPLE DWELLINGS,
31 except hotels, shall be exempt from taxation for local purposes, other
32 than assessments for local improvements for the tax year or years imme-
33 diately following taxable status dates occurring subsequent to the
34 commencement and prior to the completion of construction, but not to
35 exceed three such tax years, EXCEPT FOR NEW MULTIPLE DWELLINGS THE
36 CONSTRUCTION OF WHICH COMMENCED BETWEEN JANUARY FIRST, TWO THOUSAND
37 SEVEN AND JUNE THIRTIETH, TWO THOUSAND NINE WHICH SHALL BE EXEMPT FROM
38 TAXATION FOR LOCAL PURPOSES, OTHER THAN ASSESSMENTS FOR LOCAL IMPROVE-
39 MENTS, FOR THE TAX YEAR OR YEARS IMMEDIATELY FOLLOWING TAXABLE STATUS
40 DATES OCCURRING SUBSEQUENT TO THE COMMENCEMENT AND PRIOR TO THE
41 COMPLETION OF CONSTRUCTION, BUT NOT TO EXCEED SIX SUCH TAX YEARS, and
42 shall continue to be exempt from such taxation in tax years immediately
43 following the taxable status dates first occurring after the expiration
44 of the exemption herein conferred during such construction so long as
45 used at the completion of construction for dwelling purposes for a peri-
46 od not to exceed twenty years in the aggregate, as follows:
47 a. except as otherwise provided herein, there shall be full exemption
48 from taxation during the period of construction or the period of three
49 years immediately following commencement of construction, whichever
50 expires sooner, EXCEPT FOR NEW MULTIPLE DWELLINGS THE CONSTRUCTION OF
51 WHICH COMMENCED BETWEEN JANUARY FIRST, TWO THOUSAND SEVEN AND JUNE THIR-
52 TIETH, TWO THOUSAND NINE WHICH SHALL BE ELIGIBLE FOR FULL EXEMPTION FROM
53 TAXATION DURING THE PERIOD OF CONSTRUCTION OR THE PERIOD OF SIX YEARS
54 IMMEDIATELY FOLLOWING COMMENCEMENT OF CONSTRUCTION, WHICHEVER EXPIRES
55 SOONER, and for twelve years following such period;
S. 8438 8
1 b. followed by two years of exemption from eighty percent of such
2 taxation;
3 c. followed by two years of exemption from sixty percent of such taxa-
4 tion;
5 d. followed by two years of exemption from forty percent of such taxa-
6 tion;
7 e. followed by two years of exemption from twenty percent of such
8 taxation.
9 The following table shall illustrate the computation of the exemption:
10 CONSTRUCTION OF CERTAIN
11 MULTIPLE DWELLINGS
12 During construction (maximum three Exemption 100%
13 years, EXCEPT FOR CONSTRUCTION COMMENCEMENT
14 BETWEEN JANUARY FIRST, TWO THOUSAND SEVEN AND JUNE
15 THIRTIETH, TWO THOUSAND NINE WHICH HAS A MAXIMUM OF
16 SIX YEARS)
17 Following completion of work year:
18 1 through 12 100%
19 13-14 80%
20 15-16 60%
21 17-18 40%
22 19-20 20%
23 S 9. Paragraph (b) of subdivision 2 of section 421-a of the real prop-
24 erty tax law, as amended by chapter 401 of the laws of 1983, is amended
25 to read as follows:
26 (b) In addition to the taxes payable pursuant to the table above, the
27 owner shall pay in each tax year in which such full or partial exemption
28 is in effect, real property taxes and assessments as follows:
29 (i) (A) FOR NEW MULTIPLE DWELLINGS, real property taxes on the
30 assessed valuation of such land and any improvements thereon in effect
31 during the tax year preceding the commencement of such construction
32 without regard to any exemption or abatement from real property taxation
33 in effect prior to such construction which real property taxes shall be
34 calculated on the tax rate in effect at the time such taxes are due; and
35 (B) FOR CONVERTED MULTIPLE DWELLINGS, REAL PROPERTY TAXES ON THE
36 ASSESSED VALUATION OF SUCH LAND IN EFFECT DURING THE TAX YEAR PRECEDING
37 THE COMMENCEMENT OF SUCH CONSTRUCTION WITHOUT REGARD TO ANY EXEMPTION OR
38 ABATEMENT FROM REAL PROPERTY TAXATION IN EFFECT AT THE TIME SUCH TAXES
39 ARE DUE; AND
40 (ii) all assessments for local improvements.
41 S 10. Paragraph (d) of subdivision 2 of section 421-a of the real
42 property tax law, as amended by chapter 692 of the laws of 1995, is
43 amended to read as follows:
44 (d) As of July first, nineteen hundred seventy-five, if the aggregate
45 floor area of commercial, community facility and accessory use space
46 exceeds twelve per cent of the aggregate floor area, as defined herein,
47 of any building granted tax exemption pursuant to this section on or
48 subsequent to July first, nineteen hundred seventy-one, tax exemption
49 shall be reduced by an amount equal to the per cent of the aggregate
50 floor area by which the aggregate floor area of commercial, community
51 facility and accessory use space exceeds twelve per cent of the aggre-
52 gate floor area of the building provided, however, that accessory use
53 space shall not include accessory parking located not more than twenty-
S. 8438 9
1 three feet above the curb level and provided, further, that whenever a
2 building containing two or more separately assessed parcels of real
3 property has commercial, community facility and accessory use space in
4 excess of such twelve percent, the tax arising out of the reduction in
5 exemption for such excess space shall not be apportioned pro rata among
6 all of the separately assessed parcels in the building but shall be
7 applied first to those separately assessed parcels which are unrelated
8 to the residential use of the building; and only after such unrelated
9 parcels are fully taxable shall the remainder of such tax be apportioned
10 pro rata among the remaining separately assessed parcels and provided
11 further, that no such exemption for commercial, community facility and
12 accessory use space shall be applicable prior to July first, nineteen
13 hundred seventy-five. To be eligible for exemption under this section
14 [such] THE construction OF A NEW MULTIPLE DWELLING shall take place on
15 land which, thirty-six months prior to the commencement of such
16 construction, was vacant, predominantly vacant, under-utilized, or
17 improved with a non-conforming use, provided that if such new multiple
18 dwelling displaces or replaces a building or buildings containing more
19 than twenty-five occupied dwelling units in existence on December thir-
20 ty-first, nineteen hundred seventy-four and administered under the local
21 emergency housing rent control act, the rent stabilization law of nine-
22 teen hundred sixty-nine, or the emergency tenant protection act of nine-
23 teen seventy-four, such new multiple dwelling shall not be eligible in
24 the city of New York unless a certificate of eviction has been issued
25 for any of the displaced or replaced units pursuant to the powers grant-
26 ed by the city rent and rehabilitation law, and that the sale, transfer
27 or utilization of air rights over residential buildings that were not
28 demolished shall not be construed as a displacement or replacement of
29 the dwelling units contained within those buildings within the meaning
30 of this subdivision. THE LAND UPON WHICH TAKES PLACE THE CONSTRUCTION
31 OF A CONVERTED MULTIPLE DWELLING SHALL BE DEEMED UNDER-UTILIZED THIRTY-
32 SIX MONTHS PRIOR TO THE COMMENCEMENT OF SUCH CONSTRUCTION AND SHALL NOT
33 BE SUBJECT TO ANY SITE REQUIREMENTS NOW EXISTING OR HEREAFTER CREATED BY
34 ANY LOCAL LAW OR ANY RULE OR REGULATION PROMULGATED BY THE LOCAL HOUSING
35 AGENCY.
36 S 11. Paragraph (g) of subdivision 2 of section 421-a of the real
37 property tax law, as amended by chapter 995 of the laws of 1981, is
38 amended to read as follows:
39 (g) For purposes of this section construction shall be deemed
40 "commenced" when excavation or alteration has begun in good faith on the
41 basis of approved [construction] ARCHITECTURAL AND STRUCTURAL plans.
42 S 12. Subdivision 2 of section 421-a of the real property tax law is
43 amended by adding a new paragraph (j) to read as follows:
44 (J) SUBDIVISION (C) OF SECTION 11-245 OF THE ADMINISTRATIVE CODE OF
45 THE CITY OF NEW YORK SHALL NOT BE APPLICABLE TO ANY MULTIPLE DWELLING
46 FOR WHICH CONSTRUCTION COMMENCED ON OR AFTER OCTOBER FIRST, NINETEEN
47 HUNDRED NINETY-THREE. THE PROVISIONS OF THIS PARAGRAPH SHALL BE DEEMED
48 RETROACTIVE TO AND IN EFFECT AS OF DECEMBER THIRTIETH, TWO THOUSAND
49 SEVEN.
50 S 13. Subparagraph (a) of paragraph (ii) of subdivision 3 of section
51 421-a of the real property tax law, as amended by chapter 857 of the
52 laws of 1975, such section as renumbered by chapter 110 of the laws of
53 1977, is amended to read as follows:
54 (a) The amount that the agency determines to be the reasonable annual
55 costs for the continuing maintenance and operation of the multiple
56 dwelling in accordance with subdivision four of this section. IF THE
S. 8438 10
1 MULTIPLE DWELLING AND/OR LAND ON WHICH IT IS SITUATED IS BEING DEVELOPED
2 PURSUANT TO A GROUND LEASE OR NET LEASE, THE REASONABLE ANNUAL COSTS FOR
3 THE CONTINUING MAINTENANCE AND OPERATION OF THE MULTIPLE DWELLING SHALL
4 INCLUDE THE AVERAGE ANNUAL GROUND RENT PAYABLE OVER THE DURATION OF
5 BENEFITS PURSUANT TO THIS SECTION;
6 S 14. Subdivision 7 of section 421-a of the real property tax law, as
7 added by chapter 618 of the laws of 2007, subparagraph (i) of paragraph
8 (a), subparagraphs (i) and (ii) of paragraph (d) as amended by chapter
9 619 of the laws of 2007, and paragraphs (b), (c) and (e) as amended by
10 chapter 15 of the laws of 2008, is amended to read as follows:
11 7. (a) For the purposes of this subdivision:
12 (i) "affordable units" shall mean units which meet the affordability
13 requirements set forth in paragraph (c) of this subdivision.
14 (ii) "geographic exclusion areas" shall mean:
15 (A) areas described in subdivision eleven of this section,
16 (B) in the borough of Manhattan tax lots now existing or hereafter
17 created south of or adjacent to either side of one hundred tenth street,
18 and
19 (C) areas made ineligible for the benefits of this section:
20 (1) as set forth in section 11-245 OTHER THAN THOSE AREAS SET FORTH IN
21 SUBDIVISION (C) OF SECTION 11-245 of the administrative code of the city
22 of New York on the effective date of this subdivision, notwithstanding
23 any exceptions to ineligibility contained in such local law for certain
24 types of projects in such areas,
25 (2) as set forth in local law number fifty-eight of the city of New
26 York for the year two thousand six, notwithstanding any exceptions to
27 ineligibility contained in such local law for certain types of projects
28 in such areas and notwithstanding the effective date of such law, and
29 (3) by local law after the effective date of this subdivision.
30 (b) Notwithstanding any provision of this section or any local law to
31 the contrary, the benefits of this section shall not be available for
32 new multiple dwellings AND CONVERTED MULTIPLE DWELLINGS located in a
33 geographic exclusion area which commence construction after December
34 twenty-eighth, two thousand seven unless they comply with the provisions
35 of this subdivision for thirty-five years from completion of
36 construction of the building receiving benefits pursuant to this
37 section.
38 (c)(i) Not less than twenty percent of the units in [the] A NEW multi-
39 ple dwelling must, upon the initial rental or sale of the units and upon
40 all subsequent rentals of the units after a vacancy, be affordable to
41 and occupied or available for occupancy by individuals or families whose
42 incomes at the time of initial occupancy do not exceed sixty percent of
43 the area median incomes adjusted for family size or (ii) if the
44 construction of such building is carried out with substantial assistance
45 of grants, loans or subsidies from any federal, state or local agency or
46 instrumentality and such assistance is provided pursuant to a program
47 for the development of affordable housing, not less than twenty percent
48 of the units in the multiple dwelling must, either (A) upon the initial
49 rental of the units and upon all subsequent rentals of the units after a
50 vacancy, be affordable to and occupied or available for occupancy by
51 individuals or families whose incomes at the time of initial occupancy
52 do not exceed one hundred twenty percent of the area median incomes
53 adjusted for family size and, where the multiple dwelling contains more
54 than twenty-five units, do not exceed an average of ninety percent of
55 the area median incomes adjusted for family size, or (B) upon the
56 initial sale of the units, be affordable to and occupied or available
S. 8438 11
1 for occupancy by individuals or families whose incomes at the time of
2 initial occupancy do not exceed one hundred twenty-five percent of the
3 area median incomes adjusted for family size.
4 (d) (I) NOT LESS THAN TWENTY PERCENT OF THE UNITS IN A CONVERTED
5 MULTIPLE DWELLING MUST, UPON THE INITIAL RENTAL OR SALE OF THE UNITS AND
6 UPON ALL SUBSEQUENT RENTALS OF THE UNITS AFTER A VACANCY, BE AFFORDABLE
7 TO AND OCCUPIED OR AVAILABLE FOR OCCUPANCY BY INDIVIDUALS OR FAMILIES
8 WHOSE INCOMES AT THE TIME OF INITIAL OCCUPANCY DO NOT EXCEED ONE HUNDRED
9 PERCENT OF THE AREA MEDIAN INCOMES ADJUSTED FOR FAMILY SIZE OR (II) IF
10 THE CONSTRUCTION OF SUCH BUILDING IS CARRIED OUT WITH SUBSTANTIAL
11 ASSISTANCE OF GRANTS, LOANS OR SUBSIDIES FROM ANY FEDERAL, STATE OR
12 LOCAL AGENCY OR INSTRUMENTALITY, SUCH ASSISTANCE MUST BE PROVIDED PURSU-
13 ANT TO A PROGRAM FOR THE DEVELOPMENT OF AFFORDABLE HOUSING.
14 (E) Unless preempted by federal requirements:
15 (i) all affordable units must have a comparable number of bedrooms as
16 market rate units and a unit mix proportional to the market rate units,
17 or at least fifty percent of the affordable units must have two or more
18 bedrooms and no more than fifty percent of the remaining units can be
19 smaller than one bedroom or in addition to the requirements of paragraph
20 (c) of this subdivision, the floor area of affordable units is no less
21 than twenty percent of the total floor area of all dwelling units; and
22 (ii) residents of the community board where the multiple dwelling
23 which receives the benefits provided in this section is located shall,
24 upon initial occupancy, have priority for the purchase or rental of
25 fifty percent of the affordable units.
26 [(e)] (F) Notwithstanding any provision of law to the contrary,
27 affordable rental units must remain as rent stabilized units for thir-
28 ty-five years from completion of construction provided that tenants
29 holding a lease and in occupancy at the expiration of the rent stabili-
30 zation period shall have the right to remain as rent stabilized tenants
31 for the duration of their occupancy.
32 [(f)] (G) All affordable units must be situated onsite. For the
33 purposes of this section, "onsite" shall mean that affordable units
34 shall be situated within the building or buildings for which benefits
35 pursuant to this section are being granted.
36 [(g)] (H) The limitations on eligibility for benefits contained in
37 this subdivision shall be in addition to those contained in this section
38 and in any other law or regulation.
39 S 15. Paragraph (e) of subdivision 8 of section 421-a of the real
40 property tax law, as amended by chapter 619 of the laws of 2007, is
41 amended to read as follows:
42 (e) Solely for purposes of paragraph (b) of this subdivision,
43 construction shall be deemed to have commenced when excavation or alter-
44 ation has begun in good faith on the basis of approved [construction]
45 ARCHITECTURAL AND STRUCTURAL plans.
46 S 16. Section 421-a of the real property tax law is amended by adding
47 a new subdivision 16 to read as follows:
48 16. (A) WITHIN A CITY HAVING A POPULATION OF ONE MILLION OR MORE, NEW
49 MULTIPLE DWELLINGS WHICH, ON JULY FIRST, TWO THOUSAND TEN, WERE EXEMPT,
50 IN WHOLE OR IN PART, FROM TAXATION FOR LOCAL PURPOSES, OTHER THAN
51 ASSESSMENTS FOR LOCAL IMPROVEMENTS, PURSUANT TO SUBPARAGRAPH (III) OR
52 (IV) OF PARAGRAPH (A) OF SUBDIVISION TWO OF THIS SECTION SHALL BE EXEMPT
53 FROM TAXATION FOR LOCAL PURPOSES, FOR THE TAX YEAR COMMENCING SUBSEQUENT
54 TO THE ISSUANCE OF THE CERTIFICATE BY THE LOCAL HOUSING AGENCY UNDER
55 PARAGRAPH (C) OF THIS SUBDIVISION.
S. 8438 12
1 (B) NOTWITHSTANDING THE PROVISIONS OF PARAGRAPH (A) OF THIS SUBDIVI-
2 SION, A MULTIPLE DWELLING RECEIVING AN EXEMPTION PURSUANT TO THIS SUBDI-
3 VISION, SHALL BE REQUIRED TO PAY TAXES IN AN AMOUNT EQUAL TO TWELVE
4 PERCENT OF THE ANNUAL "SHELTER RENT". FOR PURPOSES OF THIS SUBDIVISION,
5 "SHELTER RENT" SHALL MEAN THE TOTAL RENTS RECEIVED FROM OCCUPANTS OF A
6 MULTIPLE DWELLING LESS THE COST OF PROVIDING TO THE OCCUPANTS ELECTRIC-
7 ITY, GAS, HEAT AND OTHER UTILITIES.
8 (C) TO BE ELIGIBLE FOR THE EXEMPTION PURSUANT TO THIS SUBDIVISION:
9 (I) THE OWNER OF A MULTIPLE DWELLING MUST FILE WITH THE LOCAL HOUSING
10 AGENCY AN APPLICATION AT LEAST ONE YEAR PRIOR TO THE EXPIRATION OF THE
11 TAX EXEMPTION RECEIVED BY SUCH MULTIPLE DWELLING PURSUANT TO SUBDIVISION
12 TWO OF THIS SECTION. SUCH APPLICATION SHALL BE ON FORMS AS SPECIFIED BY
13 THE LOCAL HOUSING AGENCY PROVIDED THAT THE LOCAL HOUSING AGENCY SHALL
14 NOT ACCEPT ANY APPLICATION FILED AFTER DECEMBER TWENTY-EIGHTH, TWO THOU-
15 SAND THIRTEEN. THE LOCAL HOUSING AGENCY SHALL CERTIFY THE ELIGIBILITY OF
16 SUCH MULTIPLE DWELLING FOR THE EXEMPTION PURSUANT TO PARAGRAPH (A) OF
17 THIS SUBDIVISION AND SUCH EXEMPTION SHALL BE EFFECTIVE COMMENCING IN THE
18 TAX YEAR: (A) SET FORTH IN THE APPLICATION FOR SUCH MULTIPLE DWELLING
19 WHOSE PHASE-IN OF THE PARTIAL TAX EXEMPTION PURSUANT TO SUBDIVISION TWO
20 OF THIS SECTION HAD COMMENCED PRIOR TO THE DATE OF FILING OF SUCH APPLI-
21 CATION, AND (B) IMMEDIATELY FOLLOWING (I) THE SECOND FULL YEAR OF
22 PHASE-IN OF THE PARTIAL TAX EXEMPTION PURSUANT TO SUBPARAGRAPH (III) OF
23 PARAGRAPH (A) OF SUBDIVISION TWO OF THIS SECTION OR (II) THE FOURTH FULL
24 YEAR OF PHASE-IN OF THE PARTIAL TAX EXEMPTION PURSUANT TO SUBPARAGRAPH
25 (IV) OF PARAGRAPH (A) OF SUBDIVISION TWO OF THIS SECTION, FOR SUCH
26 MULTIPLE DWELLINGS WHOSE PHASE-IN OF THE PARTIAL TAX EXEMPTION PURSUANT
27 TO SUBDIVISION TWO OF THIS SECTION HAD NOT COMMENCED PRIOR TO THE DATE
28 OF FILING OF THE APPLICATION; AND
29 (II) THE LOCAL HOUSING AGENCY HAS IMPOSED A REQUIREMENT OR HAS CERTI-
30 FIED THAT TWENTY PERCENT OF THE UNITS IN SUCH MULTIPLE DWELLING ARE
31 AFFORDABLE TO FAMILIES OF LOW AND MODERATE INCOME, WHICH AFFORDABILITY
32 REQUIREMENT SHALL REMAIN IN EFFECT FOR SO LONG AS SUCH MULTIPLE DWELLING
33 IS RECEIVING AN EXEMPTION PURSUANT TO PARAGRAPH (A) OF THIS SUBDIVISION.
34 UPON COMMENCEMENT OF THE EXEMPTION PURSUANT TO THIS SUBDIVISION, THE
35 PARTIAL TAX EXEMPTION UNDER SUBPARAGRAPH (III) OR (IV) OF PARAGRAPH (A)
36 OF SUBDIVISION TWO OF THIS SECTION SHALL TERMINATE.
37 (D) NOTWITHSTANDING THE PROVISIONS OF ANY LOCAL LAW FOR THE STABILIZA-
38 TION OF RENTS IN MULTIPLE DWELLINGS OR THE EMERGENCY TENANT PROTECTION
39 ACT OF NINETEEN SEVENTY-FOUR, THE RENTS OF A UNIT SHALL BE FULLY SUBJECT
40 TO CONTROL UNDER SUCH LOCAL LAW OR SUCH ACT FOR THE ENTIRE PERIOD DURING
41 WHICH THE PROPERTY IS RECEIVING TAX EXEMPTION PURSUANT TO THIS SUBDIVI-
42 SION. UPON CONVERSION OF A MULTIPLE DWELLING TO COOPERATIVE OR CONDOMIN-
43 IUM OWNERSHIP, THE EXEMPTION PROVIDED IN THIS SUBDIVISION SHALL TERMI-
44 NATE.
45 (E) AS USED IN THIS PARAGRAPH, THE TERMS "BUILDING SERVICE EMPLOYEE"
46 AND "PREVAILING WAGE" SHALL HAVE THE MEANINGS SET FORTH IN SUBDIVISION
47 EIGHT OF THIS SECTION.
48 (F) NO BENEFITS UNDER THIS SUBDIVISION SHALL BE CONFERRED TO ANY
49 MULTIPLE DWELLING CONTAINING MORE THAN FIFTY DWELLING UNITS EXCEPT WHERE
50 THE APPLICANT AGREES THAT ALL BUILDING SERVICE EMPLOYEES EMPLOYED AT THE
51 BUILDING, WHETHER EMPLOYED DIRECTLY BY THE APPLICANT OR ITS SUCCESSORS,
52 OR THROUGH A PROPERTY MANAGEMENT COMPANY OR A CONTRACTOR, SHALL RECEIVE
53 THE APPLICABLE PREVAILING WAGE FOR THE DURATION OF THE MULTIPLE
54 DWELLING'S TAX EXEMPTION.
55 (G) THE LIMITATIONS CONTAINED IN PARAGRAPH (F) OF THIS SUBDIVISION
56 SHALL NOT BE APPLICABLE TO BUILDINGS WHERE THE LOCAL HOUSING AGENCY
S. 8438 13
1 CERTIFIES THAT AT INITIAL OCCUPANCY AT LEAST FIFTY PERCENT OF THE DWELL-
2 ING UNITS ARE AFFORDABLE TO INDIVIDUALS OR FAMILIES WITH A GROSS HOUSE-
3 HOLD INCOME AT OR BELOW ONE HUNDRED TWENTY-FIVE PERCENT OF THE AREA
4 MEDIAN INCOME.
5 (H) THE LOCAL HOUSING AGENCY SHALL PRESCRIBE APPROPRIATE SANCTIONS FOR
6 FAILURE TO COMPLY WITH THE PROVISIONS OF PARAGRAPH (F) OF THIS SUBDIVI-
7 SION.
8 (I) THE LIMITATIONS ON ELIGIBILITY FOR BENEFITS CONTAINED IN THE
9 PROVISIONS OF PARAGRAPH (F) OF THIS SUBDIVISION SHALL BE IN ADDITION TO
10 THOSE CONTAINED IN ANY OTHER LAW OR REGULATION.
11 S 17. Paragraph (i) of subdivision 2 of section 421-a of the real
12 property tax law, as amended by chapter 619 of the laws of 2007, is
13 amended to read as follows:
14 (i) Authority of city to enact local law. Except as otherwise speci-
15 fied in this section, a city to which this section is applicable may
16 enact a local law to restrict, limit or condition the eligibility, scope
17 or amount of the benefits under this section in any manner provided that
18 such local law may not grant benefits beyond those provided in this
19 section and provided further that in the city of New York such local law
20 shall not take effect sooner than one year after it is enacted.
21 Notwithstanding the foregoing, the provisions of any local law shall not
22 alter the effect of subdivisions twelve, thirteen, fourteen, [and] ,
23 fifteen AND SIXTEEN of this section as they apply on the effective date
24 of such subdivisions, notwithstanding any subsequent amendments to the
25 provisions of law referred to in such subdivisions.
26 S 18. Section 17 of chapter 576 of the laws of 1974, amending the
27 emergency housing rent control law relating to the control of and
28 stabilization of rent in certain cases, as amended by chapter 82 of the
29 laws of 2003, is amended to read as follows:
30 S 17. Effective date. This act shall take effect immediately and
31 shall remain in full force and effect until and including the fifteenth
32 day of June [2011] 2019; except that sections two and three shall take
33 effect with respect to any city having a population of one million or
34 more and section one shall take effect with respect to any other city,
35 or any town or village whenever the local legislative body of a city,
36 town or village determines the existence of a public emergency pursuant
37 to section three of the emergency tenant protection act of nineteen
38 seventy-four, as enacted by section four of this act, and provided that
39 the housing accommodations subject on the effective date of this act to
40 stabilization pursuant to the New York city rent stabilization law of
41 nineteen hundred sixty-nine shall remain subject to such law upon the
42 expiration of this act.
43 S 19. Subdivision 2 of section 1 of chapter 274 of the laws of 1946,
44 constituting the emergency housing rent control law, as amended by chap-
45 ter 82 of the laws of 2003, is amended to read as follows:
46 2. The provisions of this act, and all regulations, orders and
47 requirements thereunder shall remain in full force and effect until and
48 including June 15, [2011] 2019.
49 S 20. Section 2 of chapter 329 of the laws of 1963, amending the emer-
50 gency housing rent control law relating to recontrol of rents in Albany,
51 as amended by chapter 82 of the laws of 2003, is amended to read as
52 follows:
53 S 2. This act shall take effect immediately and the provisions of
54 subdivision 6 of section 12 of the emergency housing rent control law,
55 as added by this act, shall remain in full force and effect until and
56 including June 15, [2011] 2019.
S. 8438 14
1 S 21. Section 10 of chapter 555 of the laws of 1982, amending the
2 general business law and the administrative code of the city of New York
3 relating to conversion of residential property to cooperative or condo-
4 minium ownership in the city of New York, as amended by chapter 82 of
5 the laws of 2003, is amended to read as follows:
6 S 10. This act shall take effect immediately; provided, that the
7 provisions of sections one, two and nine of this act shall remain in
8 full force and effect only until and including June 15, [2011] 2019;
9 provided further that the provisions of section three of this act shall
10 remain in full force and effect only so long as the public emergency
11 requiring the regulation and control of residential rents and evictions
12 continues as provided in subdivision 3 of section 1 of the local emer-
13 gency housing rent control act; provided further that the provisions of
14 sections four, five, six and seven of this act shall expire in accord-
15 ance with the provisions of section 26-520 of the administrative code of
16 the city of New York as such section of the administrative code is, from
17 time to time, amended; provided further that the provisions of section
18 26-511 of the administrative code of the city of New York, as amended by
19 this act, which the New York City Department of Housing Preservation and
20 Development must find are contained in the code of the real estate
21 industry stabilization association of such city in order to approve it,
22 shall be deemed contained therein as of the effective date of this act;
23 and provided further that any plan accepted for filing by the department
24 of law on or before the effective date of this act shall continue to be
25 governed by the provisions of section 352-eeee of the general business
26 law as they had existed immediately prior to the effective date of this
27 act.
28 S 22. Section 4 of chapter 402 of the laws of 1983, amending the
29 general business law relating to conversions of rental residential prop-
30 erty to cooperative or condominium ownership in certain municipalities
31 in the counties of Nassau, Westchester and Rockland, as amended by chap-
32 ter 82 of the laws of 2003, is amended to read as follows:
33 S 4. This act shall take effect immediately; provided, that the
34 provisions of sections one and three of this act shall remain in full
35 force and effect only until and including June 15, [2011] 2019; and
36 provided further that any plan accepted for filing by the department of
37 law on or before the effective date of this act shall continue to be
38 governed by the provisions of section 352-eee of the general business
39 law as they had existed immediately prior to the effective date of this
40 act.
41 S 23. Subdivision 6 of section 46 of chapter 116 of the laws of 1997,
42 constituting the rent regulation reform act of 1997, as amended by chap-
43 ter 82 of the laws of 2003, is amended to read as follows:
44 6. sections twenty-eight, twenty-eight-a, twenty-eight-b and twenty-
45 eight-c of this act shall expire and be deemed repealed after June 15,
46 [2011] 2019;
47 S 24. This act shall take effect immediately.
