Assembly Bill A1180

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1180
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 11, 2017
                                ___________
 
 Introduced  by  M.  of  A.  SIMANOWITZ  -- read once and referred to the
   Committee on Real Property Taxation
 
 AN ACT to amend the private housing finance law, the real  property  tax
   law  and  the administrative code of the city of New York, in relation
   to limited-profit housing companies and tax exemptions

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 33 of the private housing finance law is amended by
 adding a new subdivision 7 to read as follows:
   7.  NOTHING  CONTAINED  IN THIS SECTION SHALL BE CONSTRUED TO LIMIT OR
 OTHERWISE IMPAIR THE BENEFITS  AVAILABLE  TO  ANY  COMPANY  OR  RESIDENT
 ELIGIBLE  FOR  EXEMPTION FROM TAXATION PURSUANT TO SECTIONS FOUR HUNDRED
 TWENTY-FIVE, FOUR HUNDRED FIFTY-EIGHT, FOUR HUNDRED FIFTY-NINE AND  FOUR
 HUNDRED SIXTY-SEVEN OF THE REAL PROPERTY TAX LAW.
   § 2. Paragraph (c) of subdivision 6 of section 458-a of the real prop-
 erty tax law, as added by chapter 171 of the laws of 1997, is amended to
 read as follows:
   (c)  [Notwithstanding  paragraph (b) of this subdivision, a] A tenant-
 stockholder who resides in a dwelling that is subject to the  provisions
 of  either  article  two,  four,  five  or eleven of the private housing
 finance law shall [not] be eligible for an exemption  pursuant  to  this
 section.
   § 3. Paragraph (c) of subdivision 3-a of section 467 of the real prop-
 erty  tax  law, as amended by chapter 49 of the laws of 1996, is amended
 to read as follows:
   (c) Real property may be exempt from taxation pursuant to this  subdi-
 vision  by  a municipality in which such property is located only if the
 governing board of such municipality, after  public  hearing,  adopts  a
 local law, ordinance or resolution providing therefor.  [Notwithstanding
 any  provision  of law to the contrary, any] ANY local law, ordinance or
 resolution adopted pursuant to this paragraph may provide, or be amended
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD03466-01-7

 A. 1180                             2
 
 to provide, that a tenant-stockholder who resides in a dwelling which is
 subject to the provisions of either article two, four, five or eleven of
 the private housing finance law and who is eligible for a rent  increase
 exemption  pursuant  to section four hundred sixty-seven-c of this title
 shall [not] be eligible for an exemption pursuant  to  this  subdivision
 and that a tenant-stockholder who resides in a dwelling which is subject
 to  the  provisions  of  either article two, four, five or eleven of the
 private housing finance law and who is not eligible for a rent  increase
 exemption  pursuant  to section four hundred sixty-seven-c of this title
 but who meets the requirements for eligibility for an exemption pursuant
 to this section shall be eligible for such exemption provided that  such
 exemption  shall be in an amount determined by multiplying the exemption
 otherwise allowable pursuant to this section  by  a  fraction  having  a
 numerator equal to the amount of real property taxes or payments in lieu
 of  taxes that were paid with respect to such dwelling and a denominator
 equal to the full amount of real property taxes  that  would  have  been
 owed  with respect to such dwelling had it not been granted an exemption
 or abatement of real property taxes pursuant to any  provision  of  law,
 provided,  however,  that  any reduction in real property taxes received
 with respect to such dwelling pursuant to this section or  section  four
 hundred sixty-seven-c of this title shall not be considered in calculat-
 ing  such numerator. Any such local law, ordinance or resolution that so
 provides, or is amended  to  so  provide,  shall  also  provide  that  a
 tenant-stockholder  who  resides in a dwelling which was or continues to
 be subject to a mortgage insured or initially  insured  by  the  federal
 government  pursuant  to  section  two  hundred thirteen of the National
 Housing Act, as amended, and who is eligible for both  a  rent  increase
 exemption  pursuant  to section FOUR hundred sixty-seven-c of this title
 and an exemption pursuant to this subdivision, may apply for and receive
 either a rent  increase  exemption  pursuant  to  section  four  hundred
 sixty-seven-c  of  this  title or an exemption pursuant to this subdivi-
 sion, but not both.
   § 4. Paragraph (b) of subdivision 8 of section 11-245.4 of the  admin-
 istrative  code of the city of New York, as added by local law number 13
 of the city of New York for  the  year  1998,  is  amended  to  read  as
 follows:
   (b)  [Notwithstanding  any  other provision of law, a] A tenant-stock-
 holder who resides in a dwelling which is subject to the  provisions  of
 either  article II, IV, V or XI of the private housing finance law shall
 [not] be eligible for an exemption pursuant to this subdivision.
   § 5. This act shall take effect immediately.