NY State Senate Bill 2021-S6326A

Archive: Last Bill Status - In Senate Committee Local Government 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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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 05, 2022	referred to local government
May 24, 2021	print number 6326a
May 24, 2021	amend and recommit to local government
Apr 21, 2021	referred to local government

Bill Amendments

Original

A (Active)

co-Sponsors

2021-S6326 - Details

See Assembly Version of this Bill:: A7930
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
2019-2020: S3469
2023-2024: A1894

2021-S6326 - Summary

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

2021-S6326 - Sponsor Memo

                                 
BILL NUMBER: S6326

SPONSOR: BROUK
 
TITLE OF BILL:

An act to amend the real property tax law, in relation to tax exemptions
for community land trusts and income-restricted homeownership properties

 
PURPOSE:

This bill adds a new subsection 420-A (17) to the Real Property Tax Law
to permit land that is owned by a Community Land Trust to qualify for
real property tax exemption as well as a new subsection 422(3) to the
Real Property Tax Law to require a partial real property tax exemption
for certain income-restricted homeownership property, including improve-
ments that are erected on a Community Land Trust, for purposes of deter-
mining property taxes. The purpose of both new sections of law are to
ensure that income-restricted homeownership property, including improve-
ments that are erected on land which is owned by a Community Land Trust,
are not property tax burdened in a way that could impact the affordabil-
ity of such permanently affordable homeownership housing. This bill
shall provide property tax relief to a Community Land Trust and owners
of improvements.

 
SUMMARY OF PROVISIONS:

This bill amends real property tax law to require that certain real
property that is owned by a Community Land Trust. which operates in
accordance with Section 213 of the Housing and Community Development Act
of 1992 and is organized as a housing development fund company pursuant
to Article XI of the Private Housing Finance Law and Section 402 of the
Not-for-Profit Corporation Law, which must be operated in furtherance of
persons and families of low income as defined by Section 2(19) of the
Private Housing Finance Law, receive both a full and partial tax
exemption on the land and the improvements thereon.

This bill also amends real property tax law to require a partial real
property tax exemption for certain income-restricted homeownership prop-
erty that is subject to the terms of a regulatory agreement with a
supervising agency, which shall be the New York City Department of Hous-
ing Preservation and Development for New York City and the Division of
Housing and Community Renewal for all other community land trusts
outside of New York City, or is located on any community land trust
formed pursuant to Section 402 of the Not-for-Profit Corporation Law and
which is located in a city or municipality with a population of less
than one million without a regulatory agreement with a supervising agen-
cy, which property taxes shall be, other than assessments for local
improvements. The legislation also authorizes a local assessor to
continue to employ a current assessment method if it would result any
income-restricted homeownership property that would result in a lesser
tax burden. Only an eligible person or entity that owns the improvements
both legally and beneficially shall qualify for an exemption.

 
JUSTIFICATION:

Both real property that is owned by a Community Land Trust, and qualify-
ing owners of income-restricted homeownership property, including quali-
fying owners of improvements that are erected on land that is owned by
the Community Land Trust, are subject to permanent affordability
restrictions, which may be impossible to adhere to if the Community Land
Trust, and qualifying owners of income-restricted homeownership proper-
ty, including qualifying owners of improvements thereon, are subject to
Market-rate property taxes. This bill ensures that

1) land which is owned by a Community Land Trust is entitled to the same
real property tax exemption which is currently enjoyed by various other
owners of property which is owned for charitable or other permissible
purposes under Section 420-a of the Real Property Tax Law; and

2) that qualifying owners of income-restricted homeownership property,
including but not limited to qualifying owners of improvements that are
erected on land that is owned by a Community Land Trust, are subject to
a partial real property tax exemption to ensure that the owners of such
income-restricted homeownership property are not property tax burdened.

 
LEGISLATIVE HISTORY:

2019-2020: S3469B Montgomery/A5081A Davila (MS) - Died in Local Govern-
ment.

2018: A9581 Davila

 
FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
Immediately, and it shall apply to all assessment roles published after
this date this act shall have become a law.

2021-S6326 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6326
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              April 21, 2021
                                ___________
 
 Introduced  by  Sen.  BROUK  -- 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 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
 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
 MAY  REQUIRE  THE COMMUNITY LAND TRUST TO ENTER INTO A REGULATORY AGREE-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD08406-01-1

 S. 6326                             2
 
 MENT, WHICH SHALL BE CO-TERMINUS WITH ANY GROUND LEASE  GRANTED  BY  THE
 COMMUNITY  LAND  TRUST  TO ANY QUALIFYING OWNER OF IMPROVEMENTS THEREON.
 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  LESS
 THAN ONE MILLION SHALL ALSO BE ELIGIBLE FOR BENEFITS UNDER THIS SUBDIVI-
 SION.
   §  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
 TWO-FAMILY HOME OR MULTIPLE DWELLING, WHICH IS  OWNED  BY  AND  OPERATED
 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 THAT IS SUBJECT TO THE TERMS OF A REGULATORY AGREEMENT WITH
 A SUPERVISING AGENCY, WHICH SHALL BE THE CITY OF NEW YORK ACTING BY  AND
 THROUGH  THE  DEPARTMENT  OF  HOUSING PRESERVATION AND DEVELOPMENT FOR A
 COMMUNITY LAND TRUST LOCATED IN THE CITY OF NEW YORK, OR  THE  NEW  YORK
 STATE  DIVISION  OF HOUSING AND COMMUNITY RENEWAL FOR ANY COMMUNITY LAND
 TRUST LOCATED OUTSIDE OF THE CITY OF NEW YORK, FOR A TERM  OF  AT  LEAST
 THIRTY  YEARS,  OR  IS LOCATED ON ANY COMMUNITY LAND TRUST AS DEFINED IN
 PARAGRAPH (A) OF SUBDIVISION SEVENTEEN OF SECTION FOUR HUNDRED  TWENTY-A
 OF  THIS  TITLE  FORMED PURSUANT TO SECTION FOUR HUNDRED TWO OF THE NOT-
 FOR-PROFIT CORPORATION LAW AND WHICH IS LOCATED IN  A  CITY  OR  MUNICI-
 PALITY  WITH  A POPULATION OF LESS THAN ONE MILLION WITHOUT A REGULATORY
 AGREEMENT WITH A SUPERVISING AGENCY, WHICH IS NOT OTHERWISE FULLY EXEMPT
 FROM TAXATION,  SHALL  BE  ASSESSED  BASED  UPON  THE  RESALE  AND  RENT
 RESTRICTIONS  SET FORTH IN THE GROUND LEASE WHEN DETERMINING THE TAXABLE
 VALUE OF SUCH INCOME-RESTRICTED HOMEOWNERSHIP PROPERTY.  THE  DEPARTMENT
 SHALL  BE  AUTHORIZED  TO  PROMULGATE  SUITABLE RULES AND REGULATIONS TO
 CARRY OUT THE PROVISIONS  OF  THIS  SUBDIVISION.    NOTWITHSTANDING  THE
 PROVISIONS  OF  THIS  SUBDIVISION,  ANY  LOCAL  ASSESSOR  THAT CURRENTLY
 EMPLOYS A METHOD OF PROPERTY ASSESSMENT AND TAXATION FOR ANY INCOME-RES-
 TRICTED HOMEOWNERSHIP PROPERTY AS OF THE EFFECTIVE DATE OF  THE  CHAPTER
 OF  THE LAWS OF TWO THOUSAND TWENTY-ONE THAT ADDED THIS SUBDIVISION THAT
 WOULD RESULT IN A LESSER TAX BURDEN FOR SUCH INCOME-RESTRICTED HOMEOWNER
 SHALL BE AUTHORIZED TO CONTINUE  TO  EMPLOY  SUCH  METHOD  AS  IF  FULLY
 AUTHORIZED  BY  THIS  SUBDIVISION. ONLY A PERSON OR ENTITY THAT OWNS THE
 IMPROVEMENTS  BOTH  LEGALLY  AND  BENEFICIALLY  SHALL  QUALIFY  FOR   AN
 EXEMPTION UNDER THIS SUBDIVISION.
   §  3.  This  act  shall take effect immediately and shall apply to all
 assessment rolls published after the date this act shall have  become  a
 law.

co-Sponsors

2021-S6326A (ACTIVE) - Details

See Assembly Version of this Bill:: A7930
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
2019-2020: S3469
2023-2024: A1894

2021-S6326A (ACTIVE) - Summary

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

2021-S6326A (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S6326A

SPONSOR: BROUK
 
TITLE OF BILL:

An act to amend the real property tax law, in relation to tax exemptions
for community land trusts and income-restricted homeownership properties

 
PURPOSE:

This bill adds a new subsection 420-A (17) to the Real Property Tax Law
to permit land that is owned by a Community Land Trust to qualify for
real property tax exemption as well as a new subsection 422(3) to the
Real Property Tax Law to require a partial real property tax exemption
for certain income-restricted homeownership property, including improve-
ments that are erected on a Community Land Trust, for purposes of deter-
mining property taxes. The purpose of both new sections of law are to
ensure that income-restricted homeownership property, including improve-
ments that are erected on land which is owned by a Community Land Trust,
are not property tax burdened in a way that could impact the affordabil-
ity of such permanently affordable homeownership housing. This bill
shall provide property tax relief to a Community Land Trust and owners

of improvements.

 
SUMMARY OF PROVISIONS:

This bill amends real property tax law to require that certain real
property that is owned by a Community Land Trust. which operates in
accordance with Section 213 of the Housing and Community Development Act
of 1992 and is organized as a housing development fund company pursuant
to Article XI of the Private Housing Finance Law and Section 402 of the
Not-for-Profit Corporation Law, which must be operated in furtherance of
persons and families of low income as defined by Section 2(19) of the
Private Housing Finance Law, receive both a full and partial tax
exemption on the land and the improvements thereon.  This bill also
amends real property tax law to require a partial real property tax
exemption for certain income-restricted homeownership property that is
subject to the terms of a regulatory agreement with a supervising agen-
cy, which shall be the New York City Department of Housing Preservation
and Development for New York City and the Division of Housing and Commu-
nity Renewal for all other community land trusts outside of New York
City, or is located on any community land trust formed pursuant to
Section 402 of the Not-for-Profit Corporation Law and which is located
in a city or municipality with a population of less than one million
without a regulatory agreement with a supervising agency, which property
taxes shall be, other than assessments for local improvements. The
legislation also authorizes a local assessor to continue to employ a
current assessment method if it would result any income-restricted
homeownership property that would result in a lesser tax burden. Only an
eligible person or entity that owns the improvements both legally and
beneficially shall qualify for an exemption.

 
JUSTIFICATION:

Both real property that is owned by a Community Land Trust, and qualify-
ing owners of income-restricted homeownership property, including quali-
fying owners of improvements that are erected on land that is owned by
the Community Land Trust, are subject to permanent affordability
restrictions, which may be impossible to adhere to if the Community Land
Trust, and qualifying owners of income-restricted homeownership proper-
ty, including qualifying owners of improvements thereon, are subject to
Market-rate property taxes. This bill ensures that

1) land which is owned by a Community Land Trust is entitled to the same
real property tax exemption which is currently enjoyed by various other
owners of property which is owned for charitable or other permissible
purposes under Section 420-a of the Real Property Tax Law; and

2) that qualifying owners of income-restricted homeownership property,
including but not limited to qualifying owners of improvements that are
erected on land that is owned by a Community Land Trust, are subject to
a partial real property tax exemption to ensure that the owners of such
income-restricted homeownership property are not property tax burdened.

 
LEGISLATIVE HISTORY:

2019-2020: S3469B Montgomery/A5081A Davila (MS) - Died in Local Govern-
ment.

2018: A9581 Davila

 
FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
Immediately, and it shall apply to all assessment roles published after
this date this act shall have become a law.

2021-S6326A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6326--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              April 21, 2021
                                ___________
 
 Introduced  by  Sens. BROUK, KAVANAGH -- read twice and ordered printed,
   and when printed to be committed to the Committee on Local  Government
   --  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.   OTHER THAN IN A CITY HAVING A POPULATION OF ONE MILLION OR MORE,
 ANY LAND OWNED  BY  A  COMMUNITY  LAND  TRUST  AND  SEPARATELY  ASSESSED
 IMPROVEMENTS  OWNED BY THE RESIDENTS THEREOF, SHALL BE EXEMPT FROM LOCAL
 REAL PROPERTY TAXATION AND EXEMPT FROM SPECIAL  AD  VALOREM  LEVIES  AND
 SPECIAL ASSESSMENTS TO THE EXTENT PROVIDED IN SECTION FOUR HUNDRED NINE-
 TY OF THIS ARTICLE.
   (A) FOR THE PURPOSES OF THIS SUBDIVISION, "COMMUNITY LAND TRUST" SHALL
 MEAN  A CORPORATION ORGANIZED PURSUANT TO THE NOT-FOR-PROFIT CORPORATION
 LAW AND EXEMPT FROM TAXATION PURSUANT TO SECTION 501(C)(3) OF THE INTER-
 NAL REVENUE CODE THAT SATISFIES THE FOLLOWING CRITERIA:
   (I) SUCH NONPROFIT CORPORATION'S PURPOSE IS THE CREATION  AND  MAINTE-
 NANCE  OF  PERMANENTLY  AFFORDABLE  SINGLE-FAMILY  OR MULTI-FAMILY RESI-
 DENCES;
   (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; AND
   (III) ANY LEASE WITH THE OWNER OF A SINGLE-FAMILY HOME OR MULTI-FAMILY
 RESIDENCE SHALL BE FOR AN INITIAL TERM OF NINETY-NINE YEARS WITH RENEWAL
 RIGHTS UNDER THE SAME INITIAL TERMS AND CONDITIONS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD08406-03-1

 S. 6326--A                          2
 
   (B) FAILURE TO COMPLY WITH THE PROVISIONS  OF  THIS  SUBDIVISION  THAT
 REQUIRE  THE  DEVELOPMENT  AND  PRESERVATION  OF  PERMANENTLY AFFORDABLE
 SINGLE-FAMILY OR MULTI-FAMILY RESIDENCES FOR PERSONS OR FAMILIES OF  LOW
 INCOME  AT ANY TIME DURING THE DURATION OF THE EXEMPTION SHALL RESULT IN
 REVOCATION  OF  ANY  EXEMPTION  UNDER THIS SUBDIVISION FOR THE PERIOD OF
 SUCH NON-COMPLIANCE. IF AN ONGOING PATTERN OF NON-COMPLIANCE IS FOUND TO
 EXIST, SUCH EXEMPTION MAY BE REVOKED FROM ITS INCEPTION.
   (C) ENFORCEMENT OF THIS SUBDIVISION SHALL BE IN ADDITION TO ANY  OTHER
 PROVISIONS CONTAINED IN THIS CHAPTER OR ANY OTHER LAW.
   (D)  THE  REVOCATION  OF  AN  EXEMPTION AUTHORIZED BY THIS SUBDIVISION
 SHALL NOT EXEMPT A COMMUNITY LAND TRUST FROM CONTINUED  COMPLIANCE  WITH
 THE REQUIREMENTS OF THIS SUBDIVISION.
   § 2. Section 422 of the real property tax law is amended by adding two
 new subdivisions 3 and 4 to read as follows:
   3.  EXEMPTION OF INCOME-RESTRICTED HOMEOWNERSHIP PROPERTY IN A MUNICI-
 PALITY WITH A POPULATION OF LESS THAN ONE  MILLION.    INCOME-RESTRICTED
 HOMEOWNERSHIP PROPERTY, INCLUDING BUT NOT LIMITED TO A SINGLE OR TWO-FA-
 MILY  HOME  OR  MULTI-FAMILY  RESIDENCE,  WHICH IS OWNED BY AND OPERATED
 EXCLUSIVELY FOR THE BENEFIT OF PERSONS OR  FAMILIES  OF  LOW  INCOME  AS
 DEFINED  IN  SUBDIVISION  NINETEEN OF SECTION TWO OF THE PRIVATE HOUSING
 FINANCE LAW THAT IS SUBJECT TO A GROUND LEASE WITH  A  NINETY-NINE  YEAR
 RENEWABLE  TERM  WITH A COMMUNITY LAND TRUST AS DEFINED IN PARAGRAPH (A)
 OF SUBDIVISION SEVENTEEN OF SECTION FOUR HUNDRED TWENTY-A OF THIS TITLE,
 WHICH IS NOT OTHERWISE FULLY EXEMPT FROM  TAXATION,  SHALL  BE  ASSESSED
 BASED  UPON  THE  RESALE  AND  RENT RESTRICTIONS SET FORTH IN THE GROUND
 LEASE WHEN DETERMINING  THE  TAXABLE  VALUE  OF  SUCH  INCOME-RESTRICTED
 HOMEOWNERSHIP PROPERTY.  NOTWITHSTANDING THE PROVISIONS OF THIS SUBDIVI-
 SION,  ANY  LOCAL  ASSESSOR  THAT CURRENTLY EMPLOYS A METHOD OF PROPERTY
 ASSESSMENT AND TAXATION FOR ANY INCOME-RESTRICTED HOMEOWNERSHIP PROPERTY
 AS OF THE EFFECTIVE DATE OF THE CHAPTER OF  THE  LAWS  OF  TWO  THOUSAND
 TWENTY-ONE THAT ADDED THIS SUBDIVISION THAT WOULD RESULT IN A LESSER TAX
 BURDEN  FOR SUCH INCOME-RESTRICTED HOMEOWNER MAY CONTINUE TO EMPLOY SUCH
 METHOD AS IF FULLY AUTHORIZED BY THIS SUBDIVISION.
   4. EXEMPTION FROM LOCAL REAL PROPERTY TAXATION  IN  A  CITY  HAVING  A
 POPULATION  OF ONE MILLION OR MORE FOR CERTAIN LOW-INCOME HOUSING ACCOM-
 MODATIONS. (A)  ELIGIBLE REAL PROPERTY IN A CITY HAVING A POPULATION  OF
 ONE  MILLION  OR  MORE SHALL BE EXEMPT FROM LOCAL REAL PROPERTY TAXATION
 EXCEPT AS MAY BE OTHERWISE PROVIDED IN THE REGULATORY AGREEMENT OF  SUCH
 ELIGIBLE  REAL PROPERTY.   SUCH EXEMPTION FROM LOCAL REAL PROPERTY TAXA-
 TION SHALL COMMENCE AS OF THE EFFECTIVE DATE OF  THE  REGULATORY  AGREE-
 MENT.  UPON  A  DEFAULT UNDER THE REGULATORY AGREEMENT OR NON-COMPLIANCE
 WITH THIS SUBDIVISION, THE AGENCY  MAY  SUSPEND,  REDUCE,  TERMINATE  OR
 REVOKE SUCH EXEMPTION, WITH RESPECT TO ALL OR A PORTION OF SUCH ELIGIBLE
 REAL  PROPERTY  AS OF THE DATE OF SUCH DEFAULT OR NON-COMPLIANCE, UNLESS
 SUCH DEFAULT OR NON-COMPLIANCE IS CURED WITHIN THE TIME PERIOD SPECIFIED
 FOR ANY SUCH CURE UNDER SUCH REGULATORY AGREEMENT.
   (B) FOR THE PURPOSES OF THIS SUBDIVISION, THE  FOLLOWING  TERMS  SHALL
 HAVE THE FOLLOWING MEANINGS:
   (1)  THE  TERM "AGENCY" SHALL MEAN THE DEPARTMENT OF HOUSING PRESERVA-
 TION AND DEVELOPMENT.
   (2) THE TERM "COMMUNITY LAND TRUST" SHALL MEAN A CORPORATION ORGANIZED
 PURSUANT TO THE NOT-FOR-PROFIT CORPORATION LAW FOR THE PURPOSE OF DEVEL-
 OPING AND/OR PRESERVING HOUSING ACCOMMODATIONS THAT  SERVE  PERSONS  AND
 FAMILIES OF LOW INCOME THROUGH ITS OWNERSHIP AND STEWARDSHIP OF THE LAND
 BENEATH SUCH HOUSING ACCOMMODATIONS.

 S. 6326--A                          3
 
   (3)  THE TERM "ELIGIBLE ENTITY" SHALL MEAN A CORPORATION (I) THAT IS 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 AND (II) THE CERTIFICATE OF INCORPORATION
 OF WHICH REQUIRES SUCH HOUSING DEVELOPMENT FUND COMPANY TO OPERATE SOLE-
 LY AS A COMMUNITY LAND TRUST.
   (4)  THE  TERM  "ELIGIBLE REAL PROPERTY" SHALL MEAN REAL PROPERTY THAT
 PROVIDES HOUSING ACCOMMODATIONS FOR PERSONS AND FAMILIES OF  LOW  INCOME
 PURSUANT  TO  A  REGULATORY AGREEMENT, PROVIDED THAT THE LAND PORTION OF
 SUCH REAL PROPERTY IS OWNED BY AN ELIGIBLE ENTITY.
   (5) THE TERM "PERSONS AND FAMILIES OF LOW INCOME" SHALL HAVE THE MEAN-
 ING SET FORTH IN SUBDIVISION NINETEEN OF  SECTION  TWO  OF  THE  PRIVATE
 HOUSING FINANCE LAW.
   (6)  THE TERM "REGULATORY AGREEMENT" SHALL MEAN A REGULATORY AGREEMENT
 WITH OR APPROVED BY THE AGENCY THAT (I) IS EXECUTED  OR  APPROVED  AFTER
 THE  EFFECTIVE  DATE OF THIS SUBDIVISION, (II) REQUIRES THE PROVISION OF
 HOUSING ACCOMMODATIONS FOR PERSONS AND FAMILIES OF LOW INCOME, (III)  IS
 RECORDED  AGAINST  THE ELIGIBLE REAL PROPERTY, (IV) BINDS ALL PARTIES IN
 INTEREST TO SUCH ELIGIBLE REAL PROPERTY AND THEIR RESPECTIVE  SUCCESSORS
 AND  ASSIGNS  AND  (V)  INCLUDES  SUCH OTHER TERMS AND CONDITIONS AS THE
 AGENCY SHALL  DETERMINE,  INCLUDING,  BUT  NOT  LIMITED  TO,  PROVISIONS
 REQUIRING  PAYMENTS  IN  LIEU  OF  TAXES,  FOR THE PURPOSE OF DEVELOPING
 AND/OR PRESERVING HOUSING ACCOMMODATIONS THAT SERVE PERSONS AND FAMILIES
 OF LOW INCOME.
   § 3. This act shall take effect immediately and  shall  apply  to  all
 assessment  rolls  published after the date this act shall have become a
 law.

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Senate Bill S6326A

Sponsored By

Archive: Last Bill Status - In Senate Committee Local Government Committee

Actions

Bill Amendments

co-Sponsors

2021-S6326 - Details

2021-S6326 - Summary

2021-S6326 - Sponsor Memo

2021-S6326 - Bill Text download pdf

co-Sponsors

2021-S6326A (ACTIVE) - Details

2021-S6326A (ACTIVE) - Summary

2021-S6326A (ACTIVE) - Sponsor Memo

2021-S6326A (ACTIVE) - Bill Text download pdf

Comments

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Sponsored By

Samra G. Brouk

Archive: Last Bill Status - In Senate Committee Local Government Committee

Actions

Bill Amendments

co-Sponsors

Brian Kavanagh

2021-S6326 - Details

2021-S6326 - Summary

2021-S6326 - Sponsor Memo

2021-S6326 - Bill Text download pdf

co-Sponsors

Daphne Jordan

Brian Kavanagh

2021-S6326A (ACTIVE) - Details

2021-S6326A (ACTIVE) - Summary

2021-S6326A (ACTIVE) - Sponsor Memo

2021-S6326A (ACTIVE) - Bill Text download pdf

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