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AB8510 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8510
 
                               2017-2018 Regular Sessions
 
                   IN ASSEMBLY
 
                                      June 18, 2017
                                       ___________
 
        Introduced  by M. of A. FARRELL -- read once and referred to the Commit-
          tee on Ways and Means
 
        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. Paragraph 9 of subdivision b  of  section  11-2106  of  the
     2  administrative  code of the city of New York, as added by chapter 264 of
     3  the laws of 2016, is amended to read 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
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13207-01-7

        A. 8510                             2
 
     1  such regulatory agreement restricts to purchase, lease, license or other
     2  use by persons of low income and families of low income within the mean-
     3  ing of section two of the private housing finance law and the  denomina-
     4  tor  of  which  is the entire floor area, minus the floor area of common
     5  areas; provided further, that if such real property is made subject to a
     6  regulatory agreement that meets the terms of this paragraph  within  two
     7  years of the conveyance or transfer then the commissioner of finance may
     8  issue  a  refund  based on the application of this paragraph pursuant to
     9  the provisions of section 11-2108 of this chapter, treating the transfer
    10  or conveyance as if such real property were subject to  such  regulatory
    11  agreement  as  of  the date of such transfer or conveyance, if, notwith-
    12  standing any other time limitation set forth in section 11-2108 of  this
    13  chapter,  application  to the commissioner of finance for such refund is
    14  made within twelve months of  the  effective  date  of  such  regulatory
    15  agreement.  Notwithstanding  any  provision  of  this  paragraph  to the
    16  contrary, any deed, instrument or transaction conveying or  transferring
    17  real  property  or  an  economic  interest  therein by or to any housing
    18  development fund company organized pursuant to  article  eleven  of  the
    19  private housing finance law or to an entity, the controlling interest of
    20  which  is  held  by  such  a company, made prior to August nineteen, two
    21  thousand sixteen shall be exempt  pursuant  to  paragraph  two  of  this
    22  subdivision.
    23    §  2.  This  act  shall take effect immediately and shall be deemed to
    24  have been in full force and effect on the same  date  and  in  the  same
    25  manner as chapter 264 of the laws of 2016.
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