Senate Bill S5630

2019-2020 Legislative Session

Exempts certain low income housing accommodations from local real property taxation in N.Y. city

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Cities Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2019-S5630 (ACTIVE) - Details

See Assembly Version of this Bill:
A2965
Current Committee:
Senate Cities
Law Section:
Real Property Tax Law
Laws Affected:
Amd §420-c, RPT L
Versions Introduced in Other Legislative Sessions:
2011-2012: A10660
2013-2014: A6256
2015-2016: S7856, A4314
2017-2018: S1420, A3789
2021-2022: S1911, A5559
2023-2024: S335

2019-S5630 (ACTIVE) - Summary

Exempts certain low income housing accommodations from local real property taxation in a city with a population of one million or more.

2019-S5630 (ACTIVE) - Sponsor Memo

2019-S5630 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5630
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                                May 9, 2019
                                ___________
 
 Introduced  by  Sen. JACKSON -- read twice and ordered printed, and when
   printed to be committed to the Committee on Cities
 
 AN ACT to amend the real property tax law,  in  relation  to  exemptions
   from local real property taxation of certain low income housing accom-
   modations in a city with a population of one million or more

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 1 of section 420-c of  the  real  property  tax
 law,  as  amended by chapter 104 of the laws of 1999, is amended to read
 as follows:
   1. In a city having a population of one million or more, real property
 owned by a corporation, partnership or limited liability company  formed
 for  the  purpose  of  providing  housing accommodations for persons and
 families of low income as defined in section two of the private  housing
 finance  law  and used for such purpose, shall be exempt from local real
 property taxation, provided that such corporation, partnership or limit-
 ed liability company: (a) is organized as a non-profit housing  develop-
 ment  fund  company  pursuant  to  article eleven of the private housing
 finance law AND IS NOT ESTABLISHED OR CONTROLLED BY A FOR-PROFIT ENTITY,
 or is a non-profit housing corporation as defined in article  eleven  of
 the  private  housing finance law which is not incorporated as a housing
 development fund company as defined in article  eleven  of  the  private
 housing finance law AND IS NOT ESTABLISHED OR CONTROLLED BY A FOR-PROFIT
 ENTITY,  or is a wholly-owned subsidiary of such a company or is a part-
 nership or limited liability company the controlling interest  of  which
 is held by such a company or corporation or by a wholly owned subsidiary
 of  such  a  company  or  by a corporation sponsored or formed by such a
 company or corporation; and (b) has received a loan from a municipality,
 the state or the housing trust fund corporation established pursuant  to
 section forty-five-a of the private housing finance law or any successor
 corporation; and (c) enters into a regulatory agreement with the munici-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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