S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2965
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 28, 2019
                                ___________
 
 Introduced by M. of A. BICHOTTE, BLAKE, GOTTFRIED, LAVINE, SIMON, ORTIZ,
   SEAWRIGHT,  COOK, WALKER, RICHARDSON -- Multi-Sponsored by -- M. of A.
   GLICK -- read once and referred to  the  Committee  on  Real  Property
   Taxation
 
 AN  ACT  to  amend  the real property tax law, in relation to exemptions
   from local real property taxation of certain low income housing accom-
   modations in a city with a population of one million or more
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision  1  of section 420-c of the real property tax
 law, as amended by chapter 104 of the laws of 1999, is amended  to  read
 as follows:
   1. In a city having a population of one million or more, real property
 owned  by a corporation, partnership or limited liability company formed
 for the purpose of providing  housing  accommodations  for  persons  and
 families  of low income as defined in section two of the private housing
 finance law and used for such purpose, shall be exempt from  local  real
 property taxation, provided that such corporation, partnership or limit-
 ed  liability company: (a) is organized as a non-profit housing develop-
 ment fund company pursuant to article  eleven  of  the  private  housing
 finance law AND IS NOT ESTABLISHED OR CONTROLLED BY A FOR-PROFIT ENTITY,
 or  is  a non-profit housing corporation as defined in article eleven of
 the private housing finance law which is not incorporated as  a  housing
 development  fund  company  as  defined in article eleven of the private
 housing finance law AND IS NOT ESTABLISHED OR CONTROLLED BY A FOR-PROFIT
 ENTITY, or is a wholly-owned subsidiary of such a company or is a  part-
 nership  or  limited liability company the controlling interest of which
 is held by such a company or corporation or by a wholly owned subsidiary
 of such a company or by a corporation sponsored  or  formed  by  such  a
 company or corporation; and (b) has received a loan from a municipality,
 the  state or the housing trust fund corporation established pursuant to
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD00426-01-9

 A. 2965                             2
 
 section forty-five-a of the private housing finance law or any successor
 corporation; and (c) enters into a regulatory agreement with the munici-
 pality, the state or the  housing  trust  fund  corporation  established
 pursuant  to  section forty-five-a of the private housing finance law or
 any successor corporation guaranteeing the provision of housing accommo-
 dations for persons and families of low income; and (d) is a participant
 in the federal low income housing tax credit program established  pursu-
 ant  to  section  forty-two  of  the  internal  revenue code of nineteen
 hundred eighty-six, as amended. Any exemption pursuant to  this  section
 shall expire upon the expiration or termination of the regulatory agree-
 ment.
   §  2.  Subparagraphs  4  and  5  of  paragraph (a) of subdivision 4 of
 section 420-c of the real property tax law, subparagraph 4 as  added  by
 chapter 522 of the laws of 2004 and subparagraph 5 as amended by chapter
 526 of the laws of 2004, are amended to read as follows:
   (4)  The  term "charitable organization" shall mean (i) an entity, NOT
 ESTABLISHED OR CONTROLLED BY A FOR-PROFIT ENTITY,  formed  for  purposes
 that  include  providing housing accommodations for persons and families
 of low income and that has received  written  recognition  of  exemption
 pursuant  to  section  501(c)(3)  or  section  501(c)(4) of the internal
 revenue code of nineteen hundred eighty-six, as amended, or any  succes-
 sor  statute,  from  the  United States Internal Revenue Service, or any
 successor agency, or (ii) a corporation, partnership or limited  liabil-
 ity  company wholly owned and wholly controlled by an entity, NOT ESTAB-
 LISHED OR CONTROLLED BY A FOR-PROFIT ENTITY, formed  for  purposes  that
 include providing housing accommodations for persons and families of low
 income  and  that has received written recognition of exemption pursuant
 to section 501(c)(3) or section 501(c)(4) of the internal  revenue  code
 of  nineteen  hundred  eighty-six, as amended, or any successor statute,
 from the United States Internal Revenue Service, or any successor  agen-
 cy.
   (5)  The  term "eligible entity" shall mean a corporation, partnership
 or limited liability company at least [fifty] FIFTY-ONE percent  of  the
 controlling interest of which is held by a charitable organization.
   §  3.  This  act  shall take effect immediately and shall apply to all
 projects approved on or after the date on  which  this  act  shall  have
 become a law.