senate Bill S8526A

2017-2018 Legislative Session

Relates to community land trusts

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Archive: Last Bill Status - In Senate Committee Rules Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (8)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 20, 2018 committed to rules
May 31, 2018 advanced to third reading
May 30, 2018 2nd report cal.
May 22, 2018 1st report cal.1309
May 18, 2018 print number 8526a
May 18, 2018 amend and recommit to housing, construction and community development
May 11, 2018 committee discharged and committed to housing, construction and community development
May 09, 2018 referred to local government

Votes

view votes

May 22, 2018 - Housing, Construction and Community Development committee Vote

S8526
7
0
committee
7
Aye
0
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: May 22, 2018

aye wr (2)

S8526 - Details

Current Committee:
Senate Rules
Law Section:
Real Property Tax Law
Laws Affected:
Amd §§420-a & 422, RPT L
Versions Introduced in Other Legislative Sessions:
2019-2020: S3469
2021-2022: S6326

S8526 - Summary

Relates to tax exemptions for community land trusts and income-restricted homeownership property.

S8526 - Sponsor Memo

S8526 - Bill Text download pdf


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

                                  8526

                            I N  S E N A T E

                               May 9, 2018
                               ___________

Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Local Government

AN ACT to amend the real property tax law, in relation to tax exemptions
  for community land trusts and income-restricted homeownership  proper-
  ties

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

  Section 1. Section 420-a of the real property tax law  is  amended  by
adding a new subdivision 15 to read as follows:
  15.  REAL  PROPERTY OWNED BY A HOUSING DEVELOPMENT FUND COMPANY FORMED
PURSUANT TO ARTICLE ELEVEN  OF  THE  PRIVATE  HOUSING  FINANCE  LAW  AND
SECTION  FOUR  HUNDRED  TWO  OF THE NOT-FOR-PROFIT CORPORATION LAW WHICH
OPERATES AS A COMMUNITY LAND TRUST AS DEFINED  IN  SECTION  TWO  HUNDRED
THIRTEEN  OF  THE  HOUSING  AND  COMMUNITY  DEVELOPMENT  ACT OF NINETEEN
HUNDRED NINETY-TWO, EXCLUSIVELY FOR THE BENEFIT OF PERSONS  OR  FAMILIES
OF  LOW  INCOME  AS  DEFINED IN SUBDIVISION TEN OF SECTION TWELVE OF THE
PRIVATE HOUSING FINANCE LAW, AND SEPARATELY ASSESSED IMPROVEMENTS  OWNED
BY  THE RESIDENTS THEREOF, SHALL BE EXEMPT FROM TAXATION AND EXEMPT FROM
SPECIAL AD VALOREM LEVIES AND SPECIAL ASSESSMENTS TO THE EXTENT PROVIDED
IN SECTION FOUR HUNDRED NINETY OF THIS CHAPTER. THE  SUPERVISING  AGENCY
OF  THE  COMMUNITY LAND TRUST SHALL REQUIRE AN ANNUAL CERTIFICATION FROM
THE COMMUNITY LAND TRUST THAT THE REAL PROPERTY LAND IS USED EXCLUSIVELY
FOR THE BENEFIT OF PERSONS OR FAMILIES OF LOW  INCOME.  THE  SUPERVISING
AGENCY  MAY  REQUIRE THE COMMUNITY LAND TRUST TO ENTER INTO A REGULATORY
AGREEMENT, WHICH SHALL BE CO-TERMINUS WITH ANY GROUND LEASE  GRANTED  BY
THE  COMMUNITY LAND TRUST TO ANY QUALIFYING OWNER OF IMPROVEMENTS THERE-
ON. NOTWITHSTANDING THE  FOREGOING,  ANY  COMMUNITY  LAND  TRUST  FORMED
PURSUANT  TO  SECTION FOUR HUNDRED TWO OF THE NOT-FOR-PROFIT CORPORATION
LAW AND WHICH IS LOCATED IN A CITY WITH A POPULATION OF  LESS  THAN  ONE
MILLION SHALL ALSO BE ELIGIBLE FOR BENEFITS UNDER THIS SUBDIVISION.
  §  2.  Section 422 of the real property tax law is amended by adding a
new subdivision 3 to read as follows:
  3. EXEMPTION OF INCOME-RESTRICTED HOMEOWNERSHIP PROPERTY,  INCOME-RES-
TRICTED HOMEOWNERSHIP PROPERTY, INCLUDING BUT NOT LIMITED TO A SINGLE OR

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

S8526A (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Real Property Tax Law
Laws Affected:
Amd §§420-a & 422, RPT L
Versions Introduced in Other Legislative Sessions:
2019-2020: S3469
2021-2022: S6326

S8526A (ACTIVE) - Summary

Relates to tax exemptions for community land trusts and income-restricted homeownership property.

S8526A (ACTIVE) - Sponsor Memo

S8526A (ACTIVE) - Bill Text download pdf


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

                                 8526--A

                            I N  S E N A T E

                               May 9, 2018
                               ___________

Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
  printed to be committed  to  the  Committee  on  Local  Government  --
  committee discharged and said bill committed to the Committee on Hous-
  ing,  Construction  and Community Development -- committee discharged,
  bill amended, ordered reprinted as amended  and  recommitted  to  said
  committee

AN ACT to amend the real property tax law, in relation to tax exemptions
  for  community land trusts and income-restricted homeownership proper-
  ties

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

  Section  1.  Section  420-a of the real property tax law is amended by
adding a new subdivision 15 to read as follows:
  15. REAL PROPERTY OWNED BY A HOUSING DEVELOPMENT FUND  COMPANY  FORMED
PURSUANT  TO  ARTICLE  ELEVEN  OF  THE  PRIVATE  HOUSING FINANCE LAW AND
SECTION FOUR HUNDRED TWO OF THE  NOT-FOR-PROFIT  CORPORATION  LAW  WHICH
OPERATES  AS  A  COMMUNITY  LAND TRUST AS DEFINED IN SECTION TWO HUNDRED
THIRTEEN OF THE  HOUSING  AND  COMMUNITY  DEVELOPMENT  ACT  OF  NINETEEN
HUNDRED  NINETY-TWO,  EXCLUSIVELY FOR THE BENEFIT OF PERSONS OR FAMILIES
OF LOW INCOME AS DEFINED IN SUBDIVISION TEN OF  SECTION  TWELVE  OF  THE
PRIVATE  HOUSING FINANCE LAW, AND SEPARATELY ASSESSED IMPROVEMENTS OWNED
BY THE RESIDENTS THEREOF, SHALL BE EXEMPT FROM TAXATION AND EXEMPT  FROM
SPECIAL AD VALOREM LEVIES AND SPECIAL ASSESSMENTS TO THE EXTENT PROVIDED
IN  SECTION  FOUR HUNDRED NINETY OF THIS ARTICLE. THE SUPERVISING AGENCY
OF THE COMMUNITY LAND TRUST SHALL REQUIRE AN ANNUAL  CERTIFICATION  FROM
THE COMMUNITY LAND TRUST THAT THE REAL PROPERTY LAND IS USED EXCLUSIVELY
FOR  THE  BENEFIT  OF PERSONS OR FAMILIES OF LOW INCOME. THE SUPERVISING
AGENCY MAY REQUIRE THE COMMUNITY LAND TRUST TO ENTER INTO  A  REGULATORY
AGREEMENT,  WHICH  SHALL BE CO-TERMINUS WITH ANY GROUND LEASE GRANTED BY
THE COMMUNITY LAND TRUST TO ANY QUALIFYING OWNER OF IMPROVEMENTS  THERE-
ON.  NOTWITHSTANDING  THE  FOREGOING,  ANY  COMMUNITY  LAND TRUST FORMED
PURSUANT TO SECTION FOUR HUNDRED TWO OF THE  NOT-FOR-PROFIT  CORPORATION
LAW  AND WHICH IS LOCATED IN A CITY OR MUNICIPALITY WITH A POPULATION OF

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

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