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A10512 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                        10512--A
 
                   IN ASSEMBLY
 
                                      May 31, 2016
                                       ___________
 
        Introduced  by M. of A. FARRELL -- read once and referred to the Commit-
          tee on Ways and Means -- committee discharged, bill  amended,  ordered
          reprinted as amended and recommitted to said committee
 
        AN  ACT  to  amend  the  administrative code of the city of New York, in
          relation to the taxation of the transfer of real property

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section 1. Subdivision b of section 11-2106 of the administrative code
     2  of  the  city of New York is amended by adding a new paragraph 9 to read
     3  as follows:
     4    9. A deed, instrument or transaction conveying  or  transferring  real
     5  property  or  an economic interest therein by or to any housing develop-
     6  ment fund company organized pursuant to article eleven  of  the  private
     7  housing  finance  law or to an entity, the controlling interest of which
     8  is held by such a company, if at the time of such conveyance  or  trans-
     9  fer,  such  real  property  is  subject  to, or simultaneously with such
    10  conveyance or transfer is made subject to, a regulatory  agreement  with
    11  the  state  of  New  York,  a  municipal corporation or any other public
    12  corporation created by or pursuant to any law of the state of  New  York
    13  that:  encumbers  the  real  property for thirty years or more, requires
    14  mutual consent for revocation or amendment, restricts  more  than  fifty
    15  percent  of the floor area, other than common areas, to residential real
    16  property, and restricts at least sixty-six  and  two-thirds  percent  of
    17  such  residential real property to purchase, lease, license or other use
    18  by persons of low income and families of low income within  the  meaning
    19  of  section  two  of the private housing finance law; provided, however,
    20  that if such  regulatory  agreement  restricts  less  than  one  hundred
    21  percent  of the floor area, other than common areas, to purchase, lease,
    22  license or other use by persons of low income and families of low income
    23  within the meaning of section two of the private  housing  finance  law,
    24  the tax shall apply to the consideration less the product of the consid-
    25  eration  and  a  fraction, the numerator of which is the floor area that
    26  such regulatory agreement restricts to purchase, lease, license or other
    27  use by persons of low income and families of low income within the mean-
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15655-02-6

        A. 10512--A                         2
 
     1  ing of section two of the private housing finance law and the  denomina-
     2  tor  of  which  is the entire floor area, minus the floor area of common
     3  areas; provided further, that if such real property is made subject to a
     4  regulatory  agreement  that meets the terms of this paragraph within two
     5  years of the conveyance or transfer then the commissioner of finance may
     6  issue a refund based on the application of this  paragraph  pursuant  to
     7  the provisions of section 11-2108 of this chapter, treating the transfer
     8  or  conveyance  as if such real property were subject to such regulatory
     9  agreement as of the date of such transfer or  conveyance,  if,  notwith-
    10  standing  any other time limitation set forth in section 11-2108 of this
    11  chapter, application to the commissioner of finance for such  refund  is
    12  made  within  twelve  months  of  the  effective date of such regulatory
    13  agreement.
    14    § 2. This act shall take effect immediately and shall  be  retroactive
    15  to, and be deemed to apply to, all conveyances or transfers occurring on
    16  or after January 1, 2010.
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