Senate Bill S8526A

2017-2018 Legislative Session

Relates to community land trusts

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions
Votes

Bill Amendments

2017-S8526 - Details

Current Committee:
Senate Rules
Law Section:
Real Property Tax Law
Laws Affected:
Amd §§420-a & 422, RPT L
Versions Introduced in Other Legislative Sessions:
2019-2020: S3469
2021-2022: S6326

2017-S8526 - Summary

Relates to tax exemptions for community land trusts and income-restricted homeownership property.

2017-S8526 - Sponsor Memo

2017-S8526 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8526
 
                             I N  S E N A T E
 
                                May 9, 2018
                                ___________
 
 Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Local Government
 
 AN ACT to amend the real property tax law, in relation to tax exemptions
   for community land trusts and income-restricted homeownership  proper-
   ties
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 420-a of the real property tax law  is  amended  by
 adding a new subdivision 15 to read as follows:
   15.  REAL  PROPERTY OWNED BY A HOUSING DEVELOPMENT FUND COMPANY FORMED
 PURSUANT TO ARTICLE ELEVEN  OF  THE  PRIVATE  HOUSING  FINANCE  LAW  AND
 SECTION  FOUR  HUNDRED  TWO  OF THE NOT-FOR-PROFIT CORPORATION LAW WHICH
 OPERATES AS A COMMUNITY LAND TRUST AS DEFINED  IN  SECTION  TWO  HUNDRED
 THIRTEEN  OF  THE  HOUSING  AND  COMMUNITY  DEVELOPMENT  ACT OF NINETEEN
 HUNDRED NINETY-TWO, EXCLUSIVELY FOR THE BENEFIT OF PERSONS  OR  FAMILIES
 OF  LOW  INCOME  AS  DEFINED IN SUBDIVISION TEN OF SECTION TWELVE OF THE
 PRIVATE HOUSING FINANCE LAW, AND SEPARATELY ASSESSED IMPROVEMENTS  OWNED
 BY  THE RESIDENTS THEREOF, SHALL BE EXEMPT FROM TAXATION AND EXEMPT FROM
 SPECIAL AD VALOREM LEVIES AND SPECIAL ASSESSMENTS TO THE EXTENT PROVIDED
 IN SECTION FOUR HUNDRED NINETY OF THIS CHAPTER. THE  SUPERVISING  AGENCY
 OF  THE  COMMUNITY LAND TRUST SHALL REQUIRE AN ANNUAL CERTIFICATION FROM
 THE COMMUNITY LAND TRUST THAT THE REAL PROPERTY LAND IS USED EXCLUSIVELY
 FOR THE BENEFIT OF PERSONS OR FAMILIES OF LOW  INCOME.  THE  SUPERVISING
 AGENCY  MAY  REQUIRE THE COMMUNITY LAND TRUST TO ENTER INTO A REGULATORY
 AGREEMENT, WHICH SHALL BE CO-TERMINUS WITH ANY GROUND LEASE  GRANTED  BY
 THE  COMMUNITY LAND TRUST TO ANY QUALIFYING OWNER OF IMPROVEMENTS THERE-
 ON. NOTWITHSTANDING THE  FOREGOING,  ANY  COMMUNITY  LAND  TRUST  FORMED
 PURSUANT  TO  SECTION FOUR HUNDRED TWO OF THE NOT-FOR-PROFIT CORPORATION
 LAW AND WHICH IS LOCATED IN A CITY WITH A POPULATION OF  LESS  THAN  ONE
 MILLION SHALL ALSO BE ELIGIBLE FOR BENEFITS UNDER THIS SUBDIVISION.
   §  2.  Section 422 of the real property tax law is amended by adding a
 new subdivision 3 to read as follows:
   3. EXEMPTION OF INCOME-RESTRICTED HOMEOWNERSHIP PROPERTY,  INCOME-RES-
 TRICTED HOMEOWNERSHIP PROPERTY, INCLUDING BUT NOT LIMITED TO A SINGLE OR
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

2017-S8526A (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Real Property Tax Law
Laws Affected:
Amd §§420-a & 422, RPT L
Versions Introduced in Other Legislative Sessions:
2019-2020: S3469
2021-2022: S6326

2017-S8526A (ACTIVE) - Summary

Relates to tax exemptions for community land trusts and income-restricted homeownership property.

2017-S8526A (ACTIVE) - Sponsor Memo

2017-S8526A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8526--A
 
                             I N  S E N A T E
 
                                May 9, 2018
                                ___________
 
 Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
   printed to be committed  to  the  Committee  on  Local  Government  --
   committee discharged and said bill committed to the Committee on Hous-
   ing,  Construction  and Community Development -- committee discharged,
   bill amended, ordered reprinted as amended  and  recommitted  to  said
   committee

 AN ACT to amend the real property tax law, in relation to tax exemptions
   for  community land trusts and income-restricted homeownership proper-
   ties
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  420-a of the real property tax law is amended by
 adding a new subdivision 15 to read as follows:
   15. REAL PROPERTY OWNED BY A HOUSING DEVELOPMENT FUND  COMPANY  FORMED
 PURSUANT  TO  ARTICLE  ELEVEN  OF  THE  PRIVATE  HOUSING FINANCE LAW AND
 SECTION FOUR HUNDRED TWO OF THE  NOT-FOR-PROFIT  CORPORATION  LAW  WHICH
 OPERATES  AS  A  COMMUNITY  LAND TRUST AS DEFINED IN SECTION TWO HUNDRED
 THIRTEEN OF THE  HOUSING  AND  COMMUNITY  DEVELOPMENT  ACT  OF  NINETEEN
 HUNDRED  NINETY-TWO,  EXCLUSIVELY FOR THE BENEFIT OF PERSONS OR FAMILIES
 OF LOW INCOME AS DEFINED IN SUBDIVISION TEN OF  SECTION  TWELVE  OF  THE
 PRIVATE  HOUSING FINANCE LAW, AND SEPARATELY ASSESSED IMPROVEMENTS OWNED
 BY THE RESIDENTS THEREOF, SHALL BE EXEMPT FROM TAXATION AND EXEMPT  FROM
 SPECIAL AD VALOREM LEVIES AND SPECIAL ASSESSMENTS TO THE EXTENT PROVIDED
 IN  SECTION  FOUR HUNDRED NINETY OF THIS ARTICLE. THE SUPERVISING AGENCY
 OF THE COMMUNITY LAND TRUST SHALL REQUIRE AN ANNUAL  CERTIFICATION  FROM
 THE COMMUNITY LAND TRUST THAT THE REAL PROPERTY LAND IS USED EXCLUSIVELY
 FOR  THE  BENEFIT  OF PERSONS OR FAMILIES OF LOW INCOME. THE SUPERVISING
 AGENCY MAY REQUIRE THE COMMUNITY LAND TRUST TO ENTER INTO  A  REGULATORY
 AGREEMENT,  WHICH  SHALL BE CO-TERMINUS WITH ANY GROUND LEASE GRANTED BY
 THE COMMUNITY LAND TRUST TO ANY QUALIFYING OWNER OF IMPROVEMENTS  THERE-
 ON.  NOTWITHSTANDING  THE  FOREGOING,  ANY  COMMUNITY  LAND TRUST FORMED
 PURSUANT TO SECTION FOUR HUNDRED TWO OF THE  NOT-FOR-PROFIT  CORPORATION
 LAW  AND WHICH IS LOCATED IN A CITY OR MUNICIPALITY WITH A POPULATION OF
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.