Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to housing |
Feb 04, 2009 |
referred to housing |
Assembly Bill A4499
2009-2010 Legislative Session
Sponsored By
BRODSKY
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2009-A4499 (ACTIVE) - Details
- Current Committee:
- Assembly Housing
- Law Section:
- Private Housing Finance Law
- Laws Affected:
- Amd ยง125, Priv Hous Fin L
2009-A4499 (ACTIVE) - Summary
Authorizes municipalities to enter into contracts with redevelopment companies to exempt the real property of such companies from local and municipal real property taxes for a term commensurate with the term of the mortgage on such property made by the New York state housing finance agency instead of the current term of 25 years.
2009-A4499 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4499 2009-2010 Regular Sessions I N A S S E M B L Y February 4, 2009 ___________ Introduced by M. of A. BRODSKY -- read once and referred to the Commit- tee on Housing AN ACT to amend the private housing finance law, in relation to contracts for exemption from local and municipal taxes for redevelop- ment companies THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (a) of subdivision 1 of section 125 of the private housing finance law, as amended by chapter 566 of the laws of 1993, is amended to read as follows: (a) The local legislative body of any municipality in which a project of such company is or is to be located may by contract agree with any redevelopment company to exempt from local and municipal taxes, other than assessments for local improvements, all or part of the value of the property included in such project which represents an increase over the assessed valuation of the real property, both land and improvements, acquired for the project at the time of its acquisition by the redevel- opment company which originally undertook the project and for such defi- nite period of years as such contract may provide, except that where the real property in a project was acquired for purposes of rehabilitation, the local legislative body either may utilize the foregoing formula or may agree to exempt from such taxes all or part of the value of the property included in such project on condition that the amount of such taxes to be paid shall not be less than ten per centum of the annual shelter rent or carrying charges of such rehabilitation project. The tax exemption shall not operate for a period of more than twenty-five years, commencing in each instance from the date on which the benefits of such exemption first become available and effective; provided, however, that with respect to a project either acquired by a mutual redevelopment company pursuant to section one hundred twenty-six OF THIS ARTICLE or owned and continuing to be owned by a mutual redevelopment company which EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08200-01-9
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