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Assembly Bill A8125

2025-2026 Legislative Session

Prohibits real property that has converted from Mitchell-Lama to a housing development fund company from retaining certain tax benefits

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Current Bill Status - In Assembly Committee

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2025-A8125 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §577, Priv Hous Fin L

2025-A8125 (ACTIVE) - Summary

Prohibits real property that has converted from a limited-profit housing company to a housing development fund company from being eligible for a shelter rent tax abatement.

2025-A8125 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8125
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 1, 2025
                                ___________
 
 Introduced  by  M.  of  A.  ROSENTHAL  --  read once and referred to the
   Committee on Housing
 
 AN ACT to amend the private housing finance law, in relation to  prohib-
   iting  shelter rent tax abatements for Mitchell-Lama co-ops undergoing
   a conversion from a limited-profit housing company to a housing devel-
   opment fund company

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section 577 of the private housing finance law is amended
 by adding a new subdivision 4 to read as follows:
   4. NOTWITHSTANDING ANY INCONSISTENT PROVISION OF LAW TO THE  CONTRARY,
 A PROJECT OF A HOUSING DEVELOPMENT FUND COMPANY INCORPORATED PURSUANT TO
 THE  NOT-FOR-PROFIT  CORPORATION LAW AND THIS ARTICLE THAT WAS CONVERTED
 FROM A LIMITED-PROFIT  HOUSING  COMPANY  INCORPORATED  PURSUANT  TO  THE
 PROVISIONS  OF  ARTICLE  TWO  OF  THIS  CHAPTER SHALL NOT BE ENTITLED TO
 RECEIVE THE SHELTER RENT TAX  EXEMPTION  ESTABLISHED  PURSUANT  TO  THIS
 SECTION OR SECTION THIRTY-THREE OF THIS CHAPTER.
   §  2. This act shall take effect on the first of January next succeed-
 ing the date on which it shall have become a  law  and  shall  apply  to
 taxable years beginning on or after such effective date.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08799-02-5

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