Senate Bill S7780A

2025-2026 Legislative Session

Relates to the tax exemption of a mutual redevelopment company

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Current Bill Status Via A8651 - Passed Senate

  • 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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Bill Amendments

2025-S7780 - Details

See Assembly Version of this Bill:
A8651
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §125, Priv Hous Fin L

2025-S7780 - Summary

Relates to the extension of a tax exemption for a mutual redevelopment company in a city having a population of one million or more persons.

2025-S7780 - Sponsor Memo

2025-S7780 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7780
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                                May 6, 2025
                                ___________
 
 Introduced  by Sen. HOYLMAN-SIGAL -- read twice and ordered printed, and
   when printed to be committed to the Committee on Housing, Construction
   and Community Development
 
 AN ACT to amend the private housing finance  law,  in  relation  to  the
   amount of taxes paid by a cooperative

   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-6) to read as follows:
   (A-6) IN A CITY HAVING A POPULATION OF ONE MILLION OR MORE, THE AMOUNT
 OF TAXES TO BE PAID BY A COOPERATIVE SHALL NOT BE  LESS  THAN  FIVE  PER
 CENTUM  OF THE ANNUAL SHELTER RENT OR CARRYING CHARGES OF SUCH REHABILI-
 TATION PROJECT.
   § 2. This act shall take effect immediately.
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11932-01-5

2025-S7780A - Details

See Assembly Version of this Bill:
A8651
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §125, Priv Hous Fin L

2025-S7780A - Summary

Relates to the extension of a tax exemption for a mutual redevelopment company in a city having a population of one million or more persons.

2025-S7780A - Sponsor Memo

2025-S7780A - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7780--A
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                                May 6, 2025
                                ___________
 
 Introduced  by Sen. HOYLMAN-SIGAL -- read twice and ordered printed, and
   when printed to be committed to the Committee on Housing, Construction
   and Community  Development  --  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 the
   amount of taxes paid by a cooperative
 
   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-6) to read as follows:
   (A-6) IN A CITY HAVING A POPULATION OF ONE MILLION OR MORE, THE AMOUNT
 OF  REAL ESTATE TAXES TO BE PAID BY A COOPERATIVE SHALL BE THE LESSER OF
 (I) FIVE PER CENTUM OF THE ANNUAL SHELTER RENT OR  CARRYING  CHARGES  OF
 SUCH  REHABILITATION  PROJECT  OR  (II) SUCH AMOUNT AS IS SET FORTH IN A
 REGULATORY AGREEMENT TO WHICH THE COOPERATIVE IS A PARTY.
   § 2. This act shall take effect immediately.
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11932-02-5

2025-S7780B (ACTIVE) - Details

See Assembly Version of this Bill:
A8651
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §125, Priv Hous Fin L

2025-S7780B (ACTIVE) - Summary

Relates to the extension of a tax exemption for a mutual redevelopment company in a city having a population of one million or more persons.

2025-S7780B (ACTIVE) - Sponsor Memo

2025-S7780B (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7780--B
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                                May 6, 2025
                                ___________
 
 Introduced  by Sen. HOYLMAN-SIGAL -- read twice and ordered printed, and
   when printed to be committed to the Committee on Housing, Construction
   and Community  Development  --  committee  discharged,  bill  amended,
   ordered  reprinted  as  amended  and  recommitted to said committee --
   reported favorably from said committee and committed to the  Committee
   on Finance -- 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 the
   amount of taxes paid by a cooperative
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Paragraph  (a-4)  of  subdivision 1 of section 125 of the
 private housing finance law, as added by chapter  531  of  the  laws  of
 2014, is amended to read as follows:
   (a-4)  Any  inconsistent  provision  of law notwithstanding, in a city
 having a population of one million or more, where  a  local  legislative
 body  has  acted  to  extend the tax exemption of a mutual redevelopment
 company for the maximum period provided for in paragraph (a-2)  of  this
 subdivision,  the  local  legislative  body  may grant an additional tax
 exemption for a period of up to fifty years, provided that the amount of
 taxes to be paid during any such period of tax exemption  shall  be  not
 less  than an amount equal to the [greater] LESSER of (i) [ten] FIVE per
 centum of the annual rent or carrying charges of the project minus util-
 ities for the residential portion of the  project,  or  (ii)  the  taxes
 payable  by  such  company  for  the  residential portion of the project
 during the tax year commencing July first, two thousand  and  ending  on
 June  thirtieth,  two  thousand  one.  Such  grant  of an additional tax
 exemption period shall take effect upon the expiration  of  the  maximum
 period provided for in paragraph (a-2) of this subdivision.
   § 2. This act shall take effect immediately.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11932-06-5

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Julie_Hodorowski
1 month ago

S7780 legislation is important to my Penn South community residents because we are a middle income development qualified as a NORC. Because Penn South is a unique Title V development we were overlooked and should receive the same tax reduction as Mitchell-Lama developments. The financial stability of our NORC community will be ensured with this tax reduction as so many other costs are sky rocketing. Please vote yes and pass this bill. Respectfully, Julie Hodorowski

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