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
