senate Bill S3469B

2019-2020 Legislative Session

Relates to community land trusts

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Archive: Last Bill Status - In Senate Committee Local Government 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 (6)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 11, 2020 print number 3469b
Mar 11, 2020 amend and recommit to local government
Mar 02, 2020 print number 3469a
Mar 02, 2020 amend and recommit to local government
Jan 08, 2020 referred to local government
Feb 07, 2019 referred to local government

Co-Sponsors

view additional co-sponsors

S3469 - Details

See Assembly Version of this Bill:
A5081
Current Committee:
Senate Local Government
Law Section:
Real Property Tax Law
Laws Affected:
Amd §§420-a & 422, RPT L
Versions Introduced in Other Legislative Sessions:
2017-2018: S8526, A9581
2021-2022: S6326

S3469 - Summary

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

S3469 - Sponsor Memo

S3469 - Bill Text download pdf


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

                                  3469

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            February 7, 2019
                               ___________

Introduced  by Sens. MONTGOMERY, LITTLE -- read twice and ordered print-
  ed, and when printed to be committed to the Committee on Local Govern-
  ment

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 17 to read as follows:
  17.  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.
                                                           LBD06368-02-9

Co-Sponsors

view additional co-sponsors

S3469A - Details

See Assembly Version of this Bill:
A5081
Current Committee:
Senate Local Government
Law Section:
Real Property Tax Law
Laws Affected:
Amd §§420-a & 422, RPT L
Versions Introduced in Other Legislative Sessions:
2017-2018: S8526, A9581
2021-2022: S6326

S3469A - Summary

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

S3469A - Sponsor Memo

S3469A - Bill Text download pdf


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

                                 3469--A

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            February 7, 2019
                               ___________

Introduced  by  Sens.  MONTGOMERY,  ADDABBO,  BENJAMIN, COMRIE, JACKSON,
  LITTLE, SALAZAR -- read twice and ordered printed, and when printed to
  be committed to the Committee on Local Government  --  recommitted  to
  the  Committee  on  Local Government in accordance with Senate Rule 6,
  sec. 8 -- 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 17 to read as follows:
  17.  (A) FOR THE PURPOSES OF THIS SUBDIVISION, "COMMUNITY LAND  TRUST"
SHALL  MEAN  A  NONPROFIT  CORPORATION  ORGANIZED  PURSUANT  TO  SECTION
501(C)(3) OF THE U.S. INTERNAL REVENUE CODE THAT SATISFIES THE FOLLOWING
CRITERIA:
  (I) SUCH NONPROFIT CORPORATION'S PRIMARY PURPOSE IS THE  CREATION  AND
MAINTENANCE  OF  PERMANENTLY  AFFORDABLE  SINGLE-FAMILY  OR MULTI-FAMILY
RESIDENCES;
  (II) ALL DWELLINGS AND UNITS LOCATED ON LAND OWNED BY  SUCH  NONPROFIT
CORPORATION IS SOLD TO A QUALIFIED OWNER TO BE OCCUPIED AS THE QUALIFIED
OWNER'S PRIMARY RESIDENCE OR RENTED TO PERSONS OR FAMILIES OF LOW INCOME
AS  DEFINED  IN SUBDIVISION TEN OF SECTION TWELVE OF THE PRIVATE HOUSING
FINANCE LAW; AND
  (III) THE LAND OWNED BY THE NONPROFIT CORPORATION, ON WHICH A DWELLING
OR UNIT SOLD TO A QUALIFIED OWNER IS SITUATED, IS LEASED BY SUCH  CORPO-
RATION  TO  THE QUALIFIED OWNER FOR THE CONVENIENT OCCUPATION AND USE OF
SUCH DWELLING OR UNIT FOR A RENEWABLE TERM OF NINETY-NINE YEARS.
  (B) ANY LAND OWNED BY A COMMUNITY LAND TRUST AS DEFINED  IN  PARAGRAPH
(A)  OF  THIS  SUBDIVISION AND SEPARATELY ASSESSED IMPROVEMENTS OWNED BY

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

Co-Sponsors

view additional co-sponsors

S3469B (ACTIVE) - Details

See Assembly Version of this Bill:
A5081
Current Committee:
Senate Local Government
Law Section:
Real Property Tax Law
Laws Affected:
Amd §§420-a & 422, RPT L
Versions Introduced in Other Legislative Sessions:
2017-2018: S8526, A9581
2021-2022: S6326

S3469B (ACTIVE) - Summary

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

S3469B (ACTIVE) - Sponsor Memo

S3469B (ACTIVE) - Bill Text download pdf


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

                                 3469--B

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            February 7, 2019
                               ___________

Introduced  by  Sens.  MONTGOMERY,  ADDABBO,  BENJAMIN, COMRIE, JACKSON,
  LITTLE, SALAZAR -- read twice and ordered printed, and when printed to
  be committed to the Committee on Local Government  --  recommitted  to
  the  Committee  on  Local Government in accordance with Senate Rule 6,
  sec. 8 -- committee discharged, bill  amended,  ordered  reprinted  as
  amended  and  recommitted  to  said committee -- 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 17 to read as follows:
  17.  (A) FOR THE PURPOSES OF THIS SUBDIVISION, "COMMUNITY LAND  TRUST"
SHALL  MEAN  A  NONPROFIT  CORPORATION  ORGANIZED  PURSUANT  TO  SECTION
501(C)(3) OF THE U.S. INTERNAL REVENUE CODE THAT SATISFIES THE FOLLOWING
CRITERIA:
  (I) SUCH NONPROFIT CORPORATION'S PRIMARY PURPOSE IS THE  CREATION  AND
MAINTENANCE  OF  PERMANENTLY  AFFORDABLE  SINGLE-FAMILY  OR MULTI-FAMILY
RESIDENCES;
  (II) ALL DWELLINGS AND UNITS LOCATED ON LAND OWNED BY  SUCH  NONPROFIT
CORPORATION IS SOLD TO A QUALIFIED OWNER TO BE OCCUPIED AS THE QUALIFIED
OWNER'S PRIMARY RESIDENCE OR RENTED TO PERSONS OR FAMILIES OF LOW INCOME
AS  DEFINED  IN SUBDIVISION TEN OF SECTION TWELVE OF THE PRIVATE HOUSING
FINANCE LAW; AND
  (III) THE LAND OWNED BY THE NONPROFIT CORPORATION, ON WHICH A DWELLING
OR UNIT SOLD TO A QUALIFIED OWNER IS SITUATED, IS LEASED BY SUCH  CORPO-
RATION  TO  THE QUALIFIED OWNER FOR THE CONVENIENT OCCUPATION AND USE OF
SUCH DWELLING OR UNIT FOR A RENEWABLE TERM OF NINETY-NINE YEARS.

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

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