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A11484 Summary:

BILL NO	A11484
SAME AS	SAME AS S10500
SPONSOR	Rules (Eichenstein)
COSPNSR
MLTSPNSR
Amd §485-x, RPT L
Provides that no tax exemption shall be given for any unit that has not agreed in writing to maintain such unit as their primary residence for no less than five years from the acquisition of such unit.

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A11484 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
 submitted in accordance with Assembly Rule III, Sec 1(f)



 
BILL NUMBER: A11484
 
SPONSOR: Rules (Eichenstein)

 
TITLE OF BILL:
 
An act to amend the real property tax law, in relation to the affordable
neighborhoods for New Yorkers tax incentive
 
 
PURPOSE:
 
To expand eligibility for properties under RPTL 485-x affordability
option D
 
 
SUMMARY OF PROVISIONS:
 
Section one of this bill removes the requirement that all units within a
homeownership project to be occupied as a primary residence of the owner
and in place requires that at least sixty percent of such units are a
primary residence with only these owner-occupied units receiving any
type of tax exemption.
 
Section two provides for an immediate effective date.
 
 
JUSTIFICATION:
 
The Affordable neighborhoods for New Yorkers tax incentive (RPTL 485-x)
was designed to spur development of affordable housing throughout New
York City. The current structure of "Affordability Option D" requires
one-hundred percent of all units of a qualifying homeownership project,
coops and condos, to be an individual's primary residence who must sign
a five year agreement to keep such unit as their primary residence for
that time period. This requirement has caused "Affordability Option D"
to be drastically under-utilized. This under-utilization has been to the
detriment of individuals and families who are seeking affordable coops
and condos in the outer boroughs.
 
By changing this option to sixty percent of the building, more afforda-
ble options will be created for individuals and families through
increased opportunities for new units. As currently structured, develop-
ment using this option are simply not occurring at scale large enough to
have any impact on the current housing affordability crisis in New York
City. The requirement of one-hundred percent compliance is too stringent
for anyone to develop new buildings, thereby leaving future occupants
without access to these opportunities. This change does not represent a
giveaway to developers, but rather will help ensure that more than a
majority of a building's units can achieve the goals of creating more
affordable housing options when city residents need them the most.
 
 
LEGISLATIVE HISTORY:
 
This is a new bill.
 
 
FISCAL IMPLICATIONS:
 
None to the State.
 
 
EFFECTIVE DATE:
Immediately.

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