S T A T E O F N E W Y O R K
________________________________________________________________________
4314
2015-2016 Regular Sessions
I N A S S E M B L Y
January 30, 2015
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Introduced by M. of A. BRENNAN -- read once and referred to the Commit-
tee on Real Property Taxation
AN ACT to amend the real property tax law, in relation to exemptions
from local real property taxation of certain low income housing accom-
modations in a city with a population of one million or more
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 1 of section 420-c of the real property tax
law, as amended by chapter 104 of the laws of 1999, is amended to read
as follows:
1. In a city having a population of one million or more, real property
owned by a corporation, partnership or limited liability company formed
for the purpose of providing housing accommodations for persons and
families of low income as defined in section two of the private housing
finance law and used for such purpose, shall be exempt from local real
property taxation, provided that such corporation, partnership or limit-
ed liability company: (a) is organized as a non-profit housing develop-
ment fund company pursuant to article eleven of the private housing
finance law AND IS NOT ESTABLISHED OR CONTROLLED BY A FOR-PROFIT ENTITY,
or is a non-profit housing corporation as defined in article eleven of
the private housing finance law which is not incorporated as a housing
development fund company as defined in article eleven of the private
housing finance law AND IS NOT ESTABLISHED OR CONTROLLED BY A FOR-PROFIT
ENTITY, or is a wholly-owned subsidiary of such a company or is a part-
nership or limited liability company the controlling interest of which
is held by such a company or corporation or by a wholly owned subsidiary
of such a company or by a corporation sponsored or formed by such a
company or corporation; and (b) has received a loan from a municipality,
the state or the housing trust fund corporation established pursuant to
section forty-five-a of the private housing finance law or any successor
corporation; and (c) enters into a regulatory agreement with the munici-
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02450-01-5
A. 4314 2
pality, the state or the housing trust fund corporation established
pursuant to section forty-five-a of the private housing finance law or
any successor corporation guaranteeing the provision of housing accommo-
dations for persons and families of low income; and (d) is a participant
in the federal low income housing tax credit program established pursu-
ant to section forty-two of the internal revenue code of nineteen
hundred eighty-six, as amended. Any exemption pursuant to this section
shall expire upon the expiration or termination of the regulatory agree-
ment.
S 2. Subparagraphs 4 and 5 of paragraph (a) of subdivision 4 of
section 420-c of the real property tax law, subparagraph 4 as added by
chapter 522 of the laws of 2004 and subparagraph 5 as amended by chapter
526 of the laws of 2004, are amended to read as follows:
(4) The term "charitable organization" shall mean (i) an entity, NOT
ESTABLISHED OR CONTROLLED BY A FOR-PROFIT ENTITY, formed for purposes
that include providing housing accommodations for persons and families
of low income and that has received written recognition of exemption
pursuant to section 501(c)(3) or section 501(c)(4) of the internal
revenue code of nineteen hundred eighty-six, as amended, or any succes-
sor statute, from the United States Internal Revenue Service, or any
successor agency, or (ii) a corporation, partnership or limited liabil-
ity company wholly owned and wholly controlled by an entity, NOT ESTAB-
LISHED OR CONTROLLED BY A FOR-PROFIT ENTITY, formed for purposes that
include providing housing accommodations for persons and families of low
income and that has received written recognition of exemption pursuant
to section 501(c)(3) or section 501(c)(4) of the internal revenue code
of nineteen hundred eighty-six, as amended, or any successor statute,
from the United States Internal Revenue Service, or any successor agen-
cy.
(5) The term "eligible entity" shall mean a corporation, partnership
or limited liability company at least [fifty] FIFTY-ONE percent of the
controlling interest of which is held by a charitable organization.
S 3. This act shall take effect immediately and shall apply to all
projects approved on or after the date on which this act shall have
become a law.