S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                10512--A

                          I N  A S S E M B L Y

                              May 31, 2016
                               ___________

Introduced  by M. of A. FARRELL -- read once and referred to the Commit-
  tee on Ways and Means -- committee discharged, bill  amended,  ordered
  reprinted as amended and recommitted to said committee

AN  ACT  to  amend  the  administrative code of the city of New York, in
  relation to the taxation of the transfer of real property

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision b of section 11-2106 of the administrative code
of  the  city of New York is amended by adding a new paragraph 9 to read
as follows:
  9. A DEED, INSTRUMENT OR TRANSACTION CONVEYING  OR  TRANSFERRING  REAL
PROPERTY  OR  AN ECONOMIC INTEREST THEREIN BY OR TO ANY HOUSING DEVELOP-
MENT FUND COMPANY ORGANIZED PURSUANT TO ARTICLE ELEVEN  OF  THE  PRIVATE
HOUSING  FINANCE  LAW OR TO AN ENTITY, THE CONTROLLING INTEREST OF WHICH
IS HELD BY SUCH A COMPANY, IF AT THE TIME OF SUCH CONVEYANCE  OR  TRANS-
FER,  SUCH  REAL  PROPERTY  IS  SUBJECT  TO, OR SIMULTANEOUSLY WITH SUCH
CONVEYANCE OR TRANSFER IS MADE SUBJECT TO, A REGULATORY  AGREEMENT  WITH
THE  STATE  OF  NEW  YORK,  A  MUNICIPAL CORPORATION OR ANY OTHER PUBLIC
CORPORATION CREATED BY OR PURSUANT TO ANY LAW OF THE STATE OF  NEW  YORK
THAT:  ENCUMBERS  THE  REAL  PROPERTY FOR THIRTY YEARS OR MORE, REQUIRES
MUTUAL CONSENT FOR REVOCATION OR AMENDMENT, RESTRICTS  MORE  THAN  FIFTY
PERCENT  OF THE FLOOR AREA, OTHER THAN COMMON AREAS, TO RESIDENTIAL REAL
PROPERTY, AND RESTRICTS AT LEAST SIXTY-SIX  AND  TWO-THIRDS  PERCENT  OF
SUCH  RESIDENTIAL REAL PROPERTY TO PURCHASE, LEASE, LICENSE OR OTHER USE
BY PERSONS OF LOW INCOME AND FAMILIES OF LOW INCOME WITHIN  THE  MEANING
OF  SECTION  TWO  OF THE PRIVATE HOUSING FINANCE LAW; PROVIDED, HOWEVER,
THAT IF SUCH  REGULATORY  AGREEMENT  RESTRICTS  LESS  THAN  ONE  HUNDRED
PERCENT  OF THE FLOOR AREA, OTHER THAN COMMON AREAS, TO PURCHASE, LEASE,
LICENSE OR OTHER USE BY PERSONS OF LOW INCOME AND FAMILIES OF LOW INCOME
WITHIN THE MEANING OF SECTION TWO OF THE PRIVATE  HOUSING  FINANCE  LAW,
THE TAX SHALL APPLY TO THE CONSIDERATION LESS THE PRODUCT OF THE CONSID-
ERATION  AND  A  FRACTION, THE NUMERATOR OF WHICH IS THE FLOOR AREA THAT
SUCH REGULATORY AGREEMENT RESTRICTS TO PURCHASE, LEASE, LICENSE OR OTHER
USE BY PERSONS OF LOW INCOME AND FAMILIES OF LOW INCOME WITHIN THE MEAN-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

                                                           LBD15655-02-6

A. 10512--A                         2

ING OF SECTION TWO OF THE PRIVATE HOUSING FINANCE LAW AND THE  DENOMINA-
TOR  OF  WHICH  IS THE ENTIRE FLOOR AREA, MINUS THE FLOOR AREA OF COMMON
AREAS; PROVIDED FURTHER, THAT IF SUCH REAL PROPERTY IS MADE SUBJECT TO A
REGULATORY  AGREEMENT  THAT MEETS THE TERMS OF THIS PARAGRAPH WITHIN TWO
YEARS OF THE CONVEYANCE OR TRANSFER THEN THE COMMISSIONER OF FINANCE MAY
ISSUE A REFUND BASED ON THE APPLICATION OF THIS  PARAGRAPH  PURSUANT  TO
THE PROVISIONS OF SECTION 11-2108 OF THIS CHAPTER, TREATING THE TRANSFER
OR  CONVEYANCE  AS IF SUCH REAL PROPERTY WERE SUBJECT TO SUCH REGULATORY
AGREEMENT AS OF THE DATE OF SUCH TRANSFER OR  CONVEYANCE,  IF,  NOTWITH-
STANDING  ANY OTHER TIME LIMITATION SET FORTH IN SECTION 11-2108 OF THIS
CHAPTER, APPLICATION TO THE COMMISSIONER OF FINANCE FOR SUCH  REFUND  IS
MADE  WITHIN  TWELVE  MONTHS  OF  THE  EFFECTIVE DATE OF SUCH REGULATORY
AGREEMENT.
  S 2. This act shall take effect immediately and shall  be  retroactive
to, and be deemed to apply to, all conveyances or transfers occurring on
or after January 1, 2010.