S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6908
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 13, 2021
                                ___________
 
 Introduced by M. of A. PICHARDO -- read once and referred to the Commit-
   tee on Real Property Taxation
 
 AN  ACT  to  amend  the  real property tax law, in relation to extending
   certain provisions relating to exemption from taxation of  alterations
   and improvements to multiple dwellings

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The opening paragraph of paragraph (a) of subdivision 1  of
 section  489  of  the  real property tax law, as amended by section 1 of
 item RRR of subpart B of part XXX of chapter 58 of the laws of 2020,  is
 amended to read as follows:
   Any  city  to  which  the  multiple dwelling law is applicable, acting
 through its local legislative body or other governing agency, is  hereby
 authorized  and  empowered, to and including January first, two thousand
 [twenty-one] TWENTY-TWO, to adopt and amend  local  laws  or  ordinances
 providing that any increase in assessed valuation of real property shall
 be  exempt  from taxation for local purposes, as provided herein, to the
 extent such increase results from:
   § 2. The closing paragraph of  subparagraph  6  of  paragraph  (a)  of
 subdivision 1 of section 489 of the real property tax law, as amended by
 section 2 of item RRR of subpart B of part XXX of chapter 58 of the laws
 of 2020, is amended to read as follows:
   Such conversion, alterations or improvements shall be completed within
 thirty  months after the date on which same shall be started except that
 such thirty month limitation shall not apply to conversions of  residen-
 tial  units  which are registered with the loft board in accordance with
 article seven-C of the multiple dwelling law  pursuant  to  subparagraph
 one  of  this  paragraph.  Notwithstanding  the foregoing, a sixty month
 period for completion shall be available for alterations or improvements
 undertaken by a housing development fund company organized  pursuant  to
 article eleven of the private housing finance law, which are carried out
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD06386-01-1

 A. 6908                             2
 
 with  the  substantial assistance of grants, loans or subsidies from any
 federal, state or local governmental agency or instrumentality or  which
 are  carried out in a property transferred from such city if alterations
 and  improvements  are  completed  within  seven years after the date of
 transfer. In addition, the local housing agency is hereby  empowered  to
 grant  an  extension of the period of completion for any project carried
 out with the substantial assistance of grants, loans or  subsidies  from
 any  federal,  state or local governmental agency or instrumentality, if
 such alterations or improvements are completed within sixty months  from
 commencement  of  construction. Provided, further, that such conversion,
 alterations or improvements shall in any event  be  completed  prior  to
 June  thirtieth,  two  thousand  [twenty-one]  TWENTY-TWO. Exemption for
 conversions, alterations or improvements pursuant to  subparagraph  one,
 two,  three or four of this paragraph shall continue for a period not to
 exceed fourteen years and begin no sooner than the first  quarterly  tax
 bill  immediately  following  the  completion of such conversion, alter-
 ations or improvements. Exemption for alterations or improvements pursu-
 ant to this subparagraph or subparagraph five of  this  paragraph  shall
 continue for a period not to exceed thirty-four years and shall begin no
 sooner  than  the  first  quarterly  tax  bill immediately following the
 completion of such alterations or improvements. Such exemption shall  be
 equal  to the increase in the valuation which is subject to exemption in
 full or proportionally under this subdivision for ten or  thirty  years,
 whichever  is  applicable. After such period of time, the amount of such
 exempted assessed valuation of such improvements  shall  be  reduced  by
 twenty  percent  in each succeeding year until the assessed value of the
 improvements are fully taxable.   Provided, however, exemption  for  any
 conversion,  alterations  or  improvements  which are aided by a loan or
 grant under article eight, eight-A, eleven, twelve, fifteen  or  twenty-
 two of the private housing finance law, section six hundred ninety-six-a
 or  section ninety-nine-h of the general municipal law, or section three
 hundred twelve of the housing act of  nineteen  hundred  sixty-four  (42
 U.S.C.A.  1452b),  or  the Cranston-Gonzalez national affordable housing
 act (42 U.S.C.A. 12701 et.  seq.), or started after July first, nineteen
 hundred eighty-three by a housing  development  fund  company  organized
 pursuant  to article eleven of the private housing finance law which are
 carried out with the substantial assistance of grants, loans  or  subsi-
 dies  from any federal, state or local governmental agency or instrumen-
 tality or which are carried out in a property transferred from any  city
 and  where alterations and improvements are completed within seven years
 after the date of transfer may commence at  the  beginning  of  any  tax
 quarter  subsequent  to  the  start  of  such conversion, alterations or
 improvements and prior to the completion of such conversion, alterations
 or improvements.
   § 3. This act shall take effect immediately.