Senate Bill S3469B

2019-2020 Legislative Session

Relates to community land trusts

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Local Government 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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Bill Amendments

co-Sponsors

2019-S3469 - Details

See Assembly Version of this Bill:
A5081
Current Committee:
Senate Local Government
Law Section:
Real Property Tax Law
Laws Affected:
Amd §§420-a & 422, RPT L
Versions Introduced in Other Legislative Sessions:
2017-2018: S8526, A9581
2021-2022: S6326

2019-S3469 - Summary

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

2019-S3469 - Sponsor Memo

2019-S3469 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3469
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             February 7, 2019
                                ___________
 
 Introduced  by Sens. MONTGOMERY, LITTLE -- read twice and ordered print-
   ed, and when printed to be committed to the Committee on Local Govern-
   ment
 
 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 17 to read as follows:
   17.  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.
                                                            LBD06368-02-9
              

co-Sponsors

2019-S3469A - Details

See Assembly Version of this Bill:
A5081
Current Committee:
Senate Local Government
Law Section:
Real Property Tax Law
Laws Affected:
Amd §§420-a & 422, RPT L
Versions Introduced in Other Legislative Sessions:
2017-2018: S8526, A9581
2021-2022: S6326

2019-S3469A - Summary

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

2019-S3469A - Sponsor Memo

2019-S3469A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3469--A
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             February 7, 2019
                                ___________
 
 Introduced  by  Sens.  MONTGOMERY,  ADDABBO,  BENJAMIN, COMRIE, JACKSON,
   LITTLE, SALAZAR -- read twice and ordered printed, and when printed to
   be committed to the Committee on Local Government  --  recommitted  to
   the  Committee  on  Local Government in accordance with Senate Rule 6,
   sec. 8 -- 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 17 to read as follows:
   17.  (A) FOR THE PURPOSES OF THIS SUBDIVISION, "COMMUNITY LAND  TRUST"
 SHALL  MEAN  A  NONPROFIT  CORPORATION  ORGANIZED  PURSUANT  TO  SECTION
 501(C)(3) OF THE U.S. INTERNAL REVENUE CODE THAT SATISFIES THE FOLLOWING
 CRITERIA:
   (I) SUCH NONPROFIT CORPORATION'S PRIMARY PURPOSE IS THE  CREATION  AND
 MAINTENANCE  OF  PERMANENTLY  AFFORDABLE  SINGLE-FAMILY  OR MULTI-FAMILY
 RESIDENCES;
   (II) ALL DWELLINGS AND UNITS LOCATED ON LAND OWNED BY  SUCH  NONPROFIT
 CORPORATION IS SOLD TO A QUALIFIED OWNER TO BE OCCUPIED AS THE QUALIFIED
 OWNER'S PRIMARY RESIDENCE OR RENTED TO PERSONS OR FAMILIES OF LOW INCOME
 AS  DEFINED  IN SUBDIVISION TEN OF SECTION TWELVE OF THE PRIVATE HOUSING
 FINANCE LAW; AND
   (III) THE LAND OWNED BY THE NONPROFIT CORPORATION, ON WHICH A DWELLING
 OR UNIT SOLD TO A QUALIFIED OWNER IS SITUATED, IS LEASED BY SUCH  CORPO-
 RATION  TO  THE QUALIFIED OWNER FOR THE CONVENIENT OCCUPATION AND USE OF
 SUCH DWELLING OR UNIT FOR A RENEWABLE TERM OF NINETY-NINE YEARS.
   (B) ANY LAND OWNED BY A COMMUNITY LAND TRUST AS DEFINED  IN  PARAGRAPH
 (A)  OF  THIS  SUBDIVISION AND SEPARATELY ASSESSED IMPROVEMENTS OWNED BY
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

2019-S3469B (ACTIVE) - Details

See Assembly Version of this Bill:
A5081
Current Committee:
Senate Local Government
Law Section:
Real Property Tax Law
Laws Affected:
Amd §§420-a & 422, RPT L
Versions Introduced in Other Legislative Sessions:
2017-2018: S8526, A9581
2021-2022: S6326

2019-S3469B (ACTIVE) - Summary

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

2019-S3469B (ACTIVE) - Sponsor Memo

2019-S3469B (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3469--B
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             February 7, 2019
                                ___________
 
 Introduced  by  Sens.  MONTGOMERY,  ADDABBO,  BENJAMIN, COMRIE, JACKSON,
   LITTLE, SALAZAR -- read twice and ordered printed, and when printed to
   be committed to the Committee on Local Government  --  recommitted  to
   the  Committee  on  Local Government in accordance with Senate Rule 6,
   sec. 8 -- committee discharged, bill  amended,  ordered  reprinted  as
   amended  and  recommitted  to  said committee -- 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 17 to read as follows:
   17.  (A) FOR THE PURPOSES OF THIS SUBDIVISION, "COMMUNITY LAND  TRUST"
 SHALL  MEAN  A  NONPROFIT  CORPORATION  ORGANIZED  PURSUANT  TO  SECTION
 501(C)(3) OF THE U.S. INTERNAL REVENUE CODE THAT SATISFIES THE FOLLOWING
 CRITERIA:
   (I) SUCH NONPROFIT CORPORATION'S PRIMARY PURPOSE IS THE  CREATION  AND
 MAINTENANCE  OF  PERMANENTLY  AFFORDABLE  SINGLE-FAMILY  OR MULTI-FAMILY
 RESIDENCES;
   (II) ALL DWELLINGS AND UNITS LOCATED ON LAND OWNED BY  SUCH  NONPROFIT
 CORPORATION IS SOLD TO A QUALIFIED OWNER TO BE OCCUPIED AS THE QUALIFIED
 OWNER'S PRIMARY RESIDENCE OR RENTED TO PERSONS OR FAMILIES OF LOW INCOME
 AS  DEFINED  IN SUBDIVISION TEN OF SECTION TWELVE OF THE PRIVATE HOUSING
 FINANCE LAW; AND
   (III) THE LAND OWNED BY THE NONPROFIT CORPORATION, ON WHICH A DWELLING
 OR UNIT SOLD TO A QUALIFIED OWNER IS SITUATED, IS LEASED BY SUCH  CORPO-
 RATION  TO  THE QUALIFIED OWNER FOR THE CONVENIENT OCCUPATION AND USE OF
 SUCH DWELLING OR UNIT FOR A RENEWABLE TERM OF NINETY-NINE YEARS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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