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S08647 Summary:

S08647 Actions:

S08647 Committee Votes:

S08647 Floor Votes:

S08647 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         8647--A
            Cal. No. 1022
 
                    IN SENATE
 
                                    February 26, 2024
                                       ___________
 
        Introduced  by  Sen. MARTINS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Housing, Construction  and
          Community  Development  --  reported  favorably  from  said committee,
          ordered to first and  second  report,  ordered  to  a  third  reading,
          amended  and  ordered  reprinted,  retaining its place in the order of
          third reading

        AN ACT to amend the private housing finance law, in relation to  author-
          izing  the  granting  of an additional real property tax exemption for
          certain redevelopment company projects within the county of Nassau
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section 1. Subdivision 1 of section 125 of the private housing finance
     2  law is amended by adding a new paragraph (a-5) to read as follows:
     3    (a-5) Any inconsistent provision of law notwithstanding, including but
     4  not  limited to any limitation in paragraph (a) of this subdivision, the
     5  local legislative body of any municipality within the County of  Nassau,
     6  with respect to a project either: (i) acquired by a mutual redevelopment
     7  company  pursuant  to section one hundred twenty-six of this article; or
     8  (ii) owned and continuing to be owned by a mutual redevelopment  company
     9  where  there  is  a  restriction  that  said housing must be occupied by
    10  seniors with a minimum age of fifty-five as a condition to any  restric-
    11  tive covenants of said mutual redevelopment company, which would require
    12  substantial  increases  in  carrying  or  maintenance  charges after the
    13  initial period of  tax  exemption  is  ended  or  is  going  to  require
    14  increases  in  the  carrying  or  maintenance  charges  during  any such
    15  extended tax exemption pursuant to a present extension agreement due  to
    16  the  reduction  or  elimination  of  the  tax  exemption provided to the
    17  project immediately preceding the termination of the initial twenty-five
    18  year period, unless relief is provided, may contract  with  such  mutual
    19  redevelopment  company  to:  (i)  extend such tax exemption for not more
    20  than twenty-five additional years at the rate of the  tax  exemption  of
    21  such  project immediately preceding the termination of the initial twen-
    22  ty-five year period for all of the additional twenty-five  year  period;
    23  or (ii) modify an existing extended tax exemption to provide for such an
    24  extension.
    25    § 2. This act shall take effect immediately.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14357-05-4