A08125 Summary:
| BILL NO | A08125 |
| SAME AS | No Same As |
| SPONSOR | Rosenthal |
| COSPNSR | |
| MLTSPNSR | |
| Amd §577, Priv Hous Fin L | |
| Prohibits real property that has converted from a limited-profit housing company to a housing development fund company from being eligible for a shelter rent tax abatement. | |
A08125 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 8125 2025-2026 Regular Sessions IN ASSEMBLY May 1, 2025 ___________ Introduced by M. of A. ROSENTHAL -- read once and referred to the Committee on Housing AN ACT to amend the private housing finance law, in relation to prohib- iting shelter rent tax abatements for Mitchell-Lama co-ops undergoing a conversion from a limited-profit housing company to a housing devel- opment fund company The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 577 of the private housing finance law is amended 2 by adding a new subdivision 4 to read as follows: 3 4. Notwithstanding any inconsistent provision of law to the contrary, 4 a project of a housing development fund company incorporated pursuant to 5 the not-for-profit corporation law and this article that was converted 6 from a limited-profit housing company incorporated pursuant to the 7 provisions of article two of this chapter shall not be entitled to 8 receive the shelter rent tax exemption established pursuant to this 9 section or section thirty-three of this chapter. 10 § 2. This act shall take effect on the first of January next succeed- 11 ing the date on which it shall have become a law and shall apply to 12 taxable years beginning on or after such effective date. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08799-02-5