STATE OF NEW YORK
________________________________________________________________________
2844--A
Cal. No. 97
2009-2010 Regular Sessions
IN SENATE
March 4, 2009
___________
Introduced by Sens. ESPADA, DIAZ, DILAN, MONSERRATE, MONTGOMERY, ONORATO
-- 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 with amendments and ordered
reprinted as amended and when reprinted to be committed to the order
of first report
AN ACT to amend the private housing finance law, in relation to tax
exemptions for projects of housing development fund companies
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 577 of the private housing finance
2 law is amended by adding a new paragraph (d) to read as follows:
3 (d) In a city having a population of one million or more, within one
4 hundred twenty days following receipt of a written submission from the
5 supervising agency requesting a tax exemption pursuant to paragraph (a)
6 of this subdivision for the real property containing the project of a
7 housing development fund company, the local legislative body shall
8 approve or disapprove by resolution the requested tax exemption. If the
9 local legislative body fails to take such action within one hundred
10 twenty days following receipt of such written submission from such
11 supervising agency, then the tax exemption requested by the supervising
12 agency shall be deemed approved pursuant to paragraph (a) of this subdi-
13 vision.
14 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD06153-03-9
