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Assembly Bill A9118A

2023-2024 Legislative Session

Authorizes the granting of an additional real property tax exemption for certain redevelopment company projects within the county of Nassau

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Archive: Last Bill Status - Stricken

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Bill Amendments

2023-A9118 - Details

See Senate Version of this Bill:
S8647
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §125, Priv Hous Fin L

2023-A9118 - Summary

Authorizes the granting of an additional real property tax exemption for certain redevelopment company projects within the county of Nassau.

2023-A9118 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9118
 
                           I N  A S S E M B L Y
 
                             February 7, 2024
                                ___________
 
 Introduced  by M. of A. DURSO -- read once and referred to the Committee
   on Housing
 
 AN ACT to amend the private housing finance law, in relation to  author-
   izing  the  granting  of an additional real property tax exemption for
   certain redevelopment company projects within the county of Nassau
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 1 of section 125 of the private housing finance
 law is amended by adding a new paragraph (a-5) to read as follows:
   (A-5) ANY INCONSISTENT PROVISION OF LAW NOTWITHSTANDING, THE COUNTY OF
 NASSAU, WITH RESPECT TO A PROJECT EITHER ACQUIRED BY A MUTUAL REDEVELOP-
 MENT  COMPANY PURSUANT TO SECTION ONE HUNDRED TWENTY-SIX OF THIS ARTICLE
 OR OWNED AND CONTINUING TO BE OWNED BY A  MUTUAL  REDEVELOPMENT  COMPANY
 WHICH  WOULD REQUIRE SUBSTANTIAL INCREASES IN CARRYING CHARGES AFTER THE
 PERIOD OF TAX EXEMPTION IS ENDED UNLESS RELIEF IS PROVIDED, MAY CONTRACT
 WITH SUCH MUTUAL REDEVELOPMENT COMPANY TO EXTEND SUCH TAX EXEMPTION  FOR
 NOT  MORE  THAN  TWENTY-FIVE  ADDITIONAL  YEARS  PROVIDED  THAT  THE TAX
 EXEMPTION DURING SUCH ADDITIONAL PERIOD MAY CONTINUE AT THE RATE OF  THE
 TAX  EXEMPTION  OF SUCH PROJECT IMMEDIATELY PRECEDING THE TERMINATION OF
 THE INITIAL TWENTY-FIVE YEAR PERIOD FOR ALL OF  THE  ADDITIONAL  TWENTY-
 FIVE  YEAR  PERIOD  OR  SHALL  CONTINUE AT THE RATE OF THE TAX EXEMPTION
 OTHERWISE PROVIDED BY THIS SECTION.
   § 2. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14357-01-4

co-Sponsors

2023-A9118A (ACTIVE) - Details

See Senate Version of this Bill:
S8647
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §125, Priv Hous Fin L

2023-A9118A (ACTIVE) - Summary

Authorizes the granting of an additional real property tax exemption for certain redevelopment company projects within the county of Nassau.

2023-A9118A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9118--A
 
                           I N  A S S E M B L Y
 
                             February 7, 2024
                                ___________
 
 Introduced  by M. of A. DURSO -- read once and referred to the Committee
   on Housing -- committee discharged, bill amended, ordered reprinted as
   amended and recommitted to said committee
 
 AN ACT to amend the private housing finance law, in relation to  author-
   izing  the  granting  of an additional real property tax exemption for
   certain redevelopment company projects within the county of Nassau

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 1 of section 125 of the private housing finance
 law is amended by adding a new paragraph (a-5) to read as follows:
   (A-5) ANY INCONSISTENT PROVISION OF LAW NOTWITHSTANDING, INCLUDING BUT
 NOT  LIMITED TO ANY LIMITATION IN PARAGRAPH (A) OF THIS SUBDIVISION, THE
 COUNTY OF NASSAU, WITH RESPECT TO A PROJECT EITHER: (I)  ACQUIRED  BY  A
 MUTUAL  REDEVELOPMENT COMPANY PURSUANT TO SECTION ONE HUNDRED TWENTY-SIX
 OF THIS ARTICLE; OR (II) OWNED AND CONTINUING TO BE OWNED  BY  A  MUTUAL
 REDEVELOPMENT COMPANY AND THAT IS ALSO CLASSIFIED AS A COOPERATIVE HOUS-
 ING  ASSOCIATION  WHERE THERE IS A RESTRICTION THAT SAID HOUSING MUST BE
 OCCUPIED BY SENIORS WITH A MINIMUM AGE OF FIFTY-FIVE AS A  CONDITION  TO
 ANY RESTRICTIVE COVENANTS OF SAID COOPERATIVE HOUSING ASSOCIATION, WHICH
 WOULD  REQUIRE  SUBSTANTIAL  INCREASES  IN  CARRYING  AND/OR MAINTENANCE
 CHARGES AFTER THE INITIAL PERIOD OF TAX EXEMPTION IS ENDED OR  IS  GOING
 TO  REQUIRE  INCREASES IN THE CARRYING CHARGES AND/OR MAINTENANCE DURING
 ANY SUCH EXTENDED TAX EXEMPTION PURSUANT TO A PRESENT  EXTENSION  AGREE-
 MENT  DUE  TO THE REDUCTION OR ELIMINATION OF THE TAX EXEMPTION PROVIDED
 TO THE PROJECT IMMEDIATELY PRECEDING  THE  TERMINATION  OF  THE  INITIAL
 TWENTY-FIVE  YEAR  PERIOD,  UNLESS RELIEF IS PROVIDED, MAY CONTRACT WITH
 SUCH MUTUAL REDEVELOPMENT COMPANY TO: (I) EXTEND SUCH TAX EXEMPTION  FOR
 NOT  MORE  THAN  TWENTY-FIVE  ADDITIONAL  YEARS  AT  THE RATE OF THE TAX
 EXEMPTION OF SUCH PROJECT IMMEDIATELY PRECEDING THE TERMINATION  OF  THE
 INITIAL  TWENTY-FIVE  YEAR  PERIOD FOR ALL OF THE ADDITIONAL TWENTY-FIVE
 YEAR PERIOD; OR (II)  MODIFY  AN  EXISTING  EXTENDED  TAX  EXEMPTION  TO
 PROVIDE FOR SUCH AN EXTENSION.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14357-02-4

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