S T A T E O F N E W Y O R K
________________________________________________________________________
7560
2023-2024 Regular Sessions
I N S E N A T E
June 6, 2023
___________
Introduced by Sen. PALUMBO -- read twice and ordered printed, and when
printed to be committed to the Committee on Rules
AN ACT to amend the real property tax law, in relation to extending
certain provisions related to the affordable New York housing program
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Clause (A) of subparagraph (iv) of paragraph (a) of subdi-
vision 2 of section 421-a of the real property tax law, as amended by
section 63-a of part A of chapter 20 of the laws of 2015, is amended to
read as follows:
(A) Unless excluded by local law, in the city of New York, the bene-
fits of this subparagraph shall be available in the borough of Manhattan
for new multiple dwellings on tax lots now existing or hereafter created
south of or adjacent to either side of one hundred tenth street that
commence construction after July first, nineteen hundred ninety-two and
on or before December thirty-first, two thousand [fifteen] THIRTY
provided, however, that such a multiple dwelling receives its first
temporary or permanent certificate of occupancy covering all residential
areas on or before December thirty-first, two thousand [nineteen] THIR-
TY-FOUR, and solely for purposes of determining whether this clause
applies and notwithstanding any local law to the contrary, "commence"
shall mean the date upon which excavation and construction of initial
footings and foundations lawfully begins in good faith or, for an eligi-
ble conversion, the date upon which the actual construction of the
conversion, alteration or improvement of the pre-existing building or
structure lawfully begins in good faith, only if:
a. the construction is carried out with the substantial assistance of
grants, loans or subsidies from any federal, state or local agency or
instrumentality, or
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11718-01-3
S. 7560 2
b. the local housing agency has imposed a requirement or has certified
that twenty percent of the units are affordable to families of low and
moderate income.
§ 2. Subparagraphs (i) and (ii) of paragraph (b) of subdivision 6 of
section 421-a of the real property tax law, as amended by section 63-j
of part A of chapter 20 of the laws of 2015, are amended to read as
follows:
(i) not less than twenty percent of the units in the covered project
are affordable to and occupied or available for occupancy by individuals
or families whose incomes at the time of initial occupancy do not exceed
eighty percent of the area median incomes adjusted for family size, and
at least one building in such covered project that contains not less
than twenty percent of its dwelling units meeting this affordable hous-
ing requirement has a commencement date on or before December thirty-
first, two thousand [fifteen] THIRTY and all of the buildings in such
covered project that receive benefits pursuant to paragraph (f) of this
subdivision have a completion date on or before June fifteenth, two
thousand [twenty-five] FORTY; or
(ii) not less than ten percent of the units in the covered project are
affordable to and occupied or available for occupancy by individuals or
families whose incomes at the time of initial occupancy do not exceed
eighty percent of the area median incomes adjusted for family size and
not less than an additional fifteen percent of the units in the covered
project are affordable to and occupied or available for occupancy by
individuals or families whose incomes at the time of initial occupancy
do not exceed one hundred twenty-five percent of the area median incomes
adjusted for family size, and at least one building in such covered
project that contains not less than twenty-five percent of its dwelling
units meeting this affordable housing requirement has a commencement
date on or before December thirty-first, two thousand [fifteen] THIRTY
and all of the buildings in such covered project that receive benefits
pursuant to paragraph (f) of this subdivision have a completion date on
or before June fifteenth, two thousand [twenty-five] FORTY.
§ 3. Subparagraph (xxviii) of paragraph (a) of subdivision 16 of
section 421-a of the real property tax law, as amended by section 3 of
part TTT of chapter 59 of the laws of 2017, is amended to read as
follows:
(xxviii) "Eligible multiple dwelling" shall mean a multiple dwelling
or homeownership project containing six or more dwelling units created
through new construction or eligible conversion for which the commence-
ment date is after December thirty-first, two thousand [fifteen and on
or before June fifteenth, two thousand twenty-two] THIRTY, and for which
the completion date is on or before June fifteenth, two thousand [twen-
ty-six] FORTY.
§ 4. Paragraph (r) of subdivision 16 of section 421-a of the real
property tax law, as amended by section 3 of part TTT of chapter 59 of
the laws of 2017, is amended to read as follows:
(r) Election. Notwithstanding anything in this subdivision to the
contrary, a rental project or homeownership project with a commencement
date on or before December thirty-first, two thousand [fifteen] THIRTY
that has not received benefits pursuant to this section prior to the
effective date of the chapter of the laws of two thousand fifteen that
added this subdivision may elect to comply with this subdivision and
receive Affordable New York Housing Program benefits pursuant to this
subdivision.
§ 5. This act shall take effect immediately.