NY State Senate Bill 2023-S8647

Senate Bill S8647

2023-2024 Legislative Session

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

download bill text pdf

Current Bill Status - In Senate Committee Housing, Construction And Community Development Committee

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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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Feb 26, 2024	referred to housing, construction and community development

2023-S8647 (ACTIVE) - Details

See Assembly Version of this Bill:: A9118
Current Committee:: Senate Housing, Construction And Community Development
Law Section:: Private Housing Finance Law
Laws Affected:: Amd §125, Priv Hous Fin L

2023-S8647 (ACTIVE) - Summary

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

2023-S8647 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S8647

SPONSOR: MARTINS
 
TITLE OF BILL:

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

 
PURPOSE OR GENERAL IDEA OF BILL:

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

 
SUMMARY OF PROVISIONS:

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 redevelop-
ment company and that is also classified as a cooperative housing asso-
ciation 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.

 
JUSTIFICATION:

The Payment in Lieu of Taxes (P.I.L.O.T.) program for local senior hous-
ing developments provides much needed financial relief to senior citi-
zens, most of whom live on a fixed budget, allowing them to afford to
stay in their home by decreasing their tax burden.

 
PRIOR LEGISLATIVE HISTORY:

New bill

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

None

 
EFFECTIVE DATE:
This act shall take effect immediately.

2023-S8647 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8647
 
                             I N  S E N A T E
 
                             February 26, 2024
                                ___________
 
 Introduced  by  Sen. MARTINS -- 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 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.
                                                            LBD14357-03-4

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