§ 93. Tax exemptions. 1. Any housing company shall be exempt from the
payment of any and all franchise, organization, income, mortgage
recording and other taxes to the state and all fees to the state or its
officers.

2. Bonds and mortgages and the income debenture certificates of all
housing companies are declared to be instrumentalities of the state,
issued for public purposes and shall, together with interest thereon, be
exempt from taxation. Distributions on capital of said companies shall
be exempt from taxation by the state.

3. Any municipality in which projects of housing companies are located
is authorized to exempt the buildings and improvements created in
connection with such projects from local taxation, and should said
municipality exempt such buildings and improvements from such taxation
the buildings and improvements of said company shall to the extent of
such exemption be exempt from any and all state taxation. This provision
shall apply only to projects completed prior to January first, nineteen
hundred thirty-nine.

4. Any municipality in which projects of housing companies are located
is authorized, through its local legislative body, to exempt from local
and municipal taxes, other than assessments for local improvements, all
or part of the value of the property included in any such projects as
represents an increase over the assessed valuation of the real property,
both land and improvements, acquired for the project at the time of its
acquisition by the housing company which originally undertook the
project; and should a municipality grant such tax exemption, all
projects of housing companies shall to the extent of such municipal
exemption and during the period thereof, be exempt from any and all
state taxes. Such exemption of projects from taxation by a municipality
and the state shall not extend to projects erected prior to January
first, nineteen hundred thirty-nine nor to projects erected after
January first, nineteen hundred seventy-three and prior to January
first, nineteen hundred seventy-nine.

5. The tax exemption specified in subdivisions three and four of this
section shall not operate for a period of more than fifty years,
commencing in each instance from the date on which the benefits of such
exemption first become available and effective.

6. Notwithstanding the provisions of subdivisions four and five of
this section, the real property owned, acquired, leased, managed or
operated by a state urban development corporation project shall be
exempt from all local and municipal taxes, other than assessment for
local improvements, to the extent of the value of the property included
in such project as represents an increase over the assessed valuation of
the real property, both land and improvements acquired for the project
on the date of its acquisition by the housing company. The tax exemption
shall operate and continue so long as the mortgage loans of such
limited-dividend housing company are outstanding, but in no event for a
period of more than forty years, commencing in each instance from the
date when such limited-dividend housing company first acquired such
property. If a state urban development corporation project qualifying
for tax exemption pursuant to this subdivision is sold, with the
approval of the commissioner, to another limited-dividend housing
company, such successor company shall be entitled to all the benefits of
this subdivision.

7. Any project that received a tax exemption under this section may,
upon the expiration of the tax exemption period, be granted an
additional tax exemption period of up to fifty years, or until such time
as the project is no longer operated under the restrictions and for the
purposes set forth in this article, whichever is sooner.

8. Notwithstanding any other provision of this section, the maximum
combined local and municipal taxes, other than assessments for local
improvements, that a project operated by a housing company established
pursuant to this article, and which is eligible for a tax exemption
pursuant to any other subdivision of this section, shall be required to
pay in a city with a population of one million or more shall be no more
than the equivalent of five per centum of the annual shelter rent or
carrying charges of such project. Upon the consent of the local
legislative body of the municipality, other than a city with a
population of one million or more, in which the project is located, the
amount of such taxes may be further reduced to five per centum or less
of the annual shelter rent or carrying charges of the project. Any such
granted consent to reduce the amount of such taxes shall expire every
ten years. If such authorization is not renewed, the rate of taxation
shall revert to the level established before the consent was granted.
For the purposes of this subdivision, "shelter rent" shall have the same
meaning as such term is defined to have in paragraph a of subdivision
one of section thirty-three of this chapter.