Requires notification to be given to the New York City Department of Housing Preservation in the event that construction on a project for which an application for a certain tax exemption has been made ceases for a period exceeding one hundred twenty days.
STATE OF NEW YORK
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172
2013-2014 Regular Sessions
IN SENATE(Prefiled)
January 9, 2013
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Introduced by Sen. SQUADRON -- 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 real property tax law, in relation to requiring
notification to be given to the local housing agency in the event that
cessation of construction on a project for which an application for a
certain tax exemption has been made equals or exceeds one hundred
twenty days
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 421-a of the real property tax law is amended by
2 adding a new subdivision 5-a to read as follows:
3 5-a. In the event that construction on a project for which an applica-
4 tion for tax exemption under this section has been made ceases for a
5 period exceeding one hundred twenty days, the applicant for the tax
6 exemption shall provide written notice to the local housing agency of
7 the cessation, the reasons for the cessation and the projected date
8 construction on the project is to resume. Such notice shall be given
9 prior to the expiration of the one hundred twenty day period.
10 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD00851-01-3
