STATE OF NEW YORK
________________________________________________________________________
1180
2017-2018 Regular Sessions
IN ASSEMBLY
January 11, 2017
___________
Introduced by M. of A. SIMANOWITZ -- read once and referred to the
Committee on Real Property Taxation
AN ACT to amend the private housing finance law, the real property tax
law and the administrative code of the city of New York, in relation
to limited-profit housing companies and tax exemptions
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 33 of the private housing finance law is amended by
2 adding a new subdivision 7 to read as follows:
3 7. Nothing contained in this section shall be construed to limit or
4 otherwise impair the benefits available to any company or resident
5 eligible for exemption from taxation pursuant to sections four hundred
6 twenty-five, four hundred fifty-eight, four hundred fifty-nine and four
7 hundred sixty-seven of the real property tax law.
8 § 2. Paragraph (c) of subdivision 6 of section 458-a of the real prop-
9 erty tax law, as added by chapter 171 of the laws of 1997, is amended to
10 read as follows:
11 (c) [Notwithstanding paragraph (b) of this subdivision, a] A tenant-
12 stockholder who resides in a dwelling that is subject to the provisions
13 of either article two, four, five or eleven of the private housing
14 finance law shall [not] be eligible for an exemption pursuant to this
15 section.
16 § 3. Paragraph (c) of subdivision 3-a of section 467 of the real prop-
17 erty tax law, as amended by chapter 49 of the laws of 1996, is amended
18 to read as follows:
19 (c) Real property may be exempt from taxation pursuant to this subdi-
20 vision by a municipality in which such property is located only if the
21 governing board of such municipality, after public hearing, adopts a
22 local law, ordinance or resolution providing therefor. [Notwithstanding
23 any provision of law to the contrary, any] Any local law, ordinance or
24 resolution adopted pursuant to this paragraph may provide, or be amended
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03466-01-7
A. 1180 2
1 to provide, that a tenant-stockholder who resides in a dwelling which is
2 subject to the provisions of either article two, four, five or eleven of
3 the private housing finance law and who is eligible for a rent increase
4 exemption pursuant to section four hundred sixty-seven-c of this title
5 shall [not] be eligible for an exemption pursuant to this subdivision
6 and that a tenant-stockholder who resides in a dwelling which is subject
7 to the provisions of either article two, four, five or eleven of the
8 private housing finance law and who is not eligible for a rent increase
9 exemption pursuant to section four hundred sixty-seven-c of this title
10 but who meets the requirements for eligibility for an exemption pursuant
11 to this section shall be eligible for such exemption provided that such
12 exemption shall be in an amount determined by multiplying the exemption
13 otherwise allowable pursuant to this section by a fraction having a
14 numerator equal to the amount of real property taxes or payments in lieu
15 of taxes that were paid with respect to such dwelling and a denominator
16 equal to the full amount of real property taxes that would have been
17 owed with respect to such dwelling had it not been granted an exemption
18 or abatement of real property taxes pursuant to any provision of law,
19 provided, however, that any reduction in real property taxes received
20 with respect to such dwelling pursuant to this section or section four
21 hundred sixty-seven-c of this title shall not be considered in calculat-
22 ing such numerator. Any such local law, ordinance or resolution that so
23 provides, or is amended to so provide, shall also provide that a
24 tenant-stockholder who resides in a dwelling which was or continues to
25 be subject to a mortgage insured or initially insured by the federal
26 government pursuant to section two hundred thirteen of the National
27 Housing Act, as amended, and who is eligible for both a rent increase
28 exemption pursuant to section four hundred sixty-seven-c of this title
29 and an exemption pursuant to this subdivision, may apply for and receive
30 either a rent increase exemption pursuant to section four hundred
31 sixty-seven-c of this title or an exemption pursuant to this subdivi-
32 sion, but not both.
33 § 4. Paragraph (b) of subdivision 8 of section 11-245.4 of the admin-
34 istrative code of the city of New York, as added by local law number 13
35 of the city of New York for the year 1998, is amended to read as
36 follows:
37 (b) [Notwithstanding any other provision of law, a] A tenant-stock-
38 holder who resides in a dwelling which is subject to the provisions of
39 either article II, IV, V or XI of the private housing finance law shall
40 [not] be eligible for an exemption pursuant to this subdivision.
41 § 5. This act shall take effect immediately.
