senate Bill S6326A

2021-2022 Legislative Session

Relates to community land trusts

download bill text pdf

Sponsored By

Current 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 (4)
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

Co-Sponsors

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

S6326 - Summary

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

S6326 - Sponsor Memo

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.

Co-Sponsors

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

S6326A (ACTIVE) - Summary

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

S6326A (ACTIVE) - Sponsor Memo

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.

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