S T A T E O F N E W Y O R K
________________________________________________________________________
8510
2017-2018 Regular Sessions
I N A S S E M B L Y
June 18, 2017
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Introduced by M. of A. FARRELL -- read once and referred to the Commit-
tee on Ways and Means
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. Paragraph 9 of subdivision b of section 11-2106 of the
administrative code of the city of New York, as added by chapter 264 of
the laws of 2016, is amended 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
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13207-01-7
A. 8510 2
such regulatory agreement restricts to purchase, lease, license or other
use by persons of low income and families of low income within the mean-
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. NOTWITHSTANDING ANY PROVISION OF THIS PARAGRAPH TO THE
CONTRARY, ANY DEED, INSTRUMENT OR TRANSACTION CONVEYING OR TRANSFERRING
REAL PROPERTY OR AN ECONOMIC INTEREST THEREIN BY OR TO ANY HOUSING
DEVELOPMENT 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, MADE PRIOR TO AUGUST NINETEEN, TWO
THOUSAND SIXTEEN SHALL BE EXEMPT PURSUANT TO PARAGRAPH TWO OF THIS
SUBDIVISION.
§ 2. This act shall take effect immediately and shall be deemed to
have been in full force and effect on the same date and in the same
manner as chapter 264 of the laws of 2016.