Assembly Bill A10355A

Signed By Governor
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

Sponsored By

Current Bill Status Via S8647 - Signed by Governor

  • 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

2023-A10355 - Details

See Senate Version of this Bill:
S8647
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §125, Priv Hous Fin L

2023-A10355 - Summary

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

2023-A10355 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10355
 
                           I N  A S S E M B L Y
 
                               May 20, 2024
                                ___________
 
 Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. Stern) --
   read once and referred to the Committee on Housing
 
 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

co-Sponsors

2023-A10355A (ACTIVE) - Details

See Senate Version of this Bill:
S8647
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §125, Priv Hous Fin L

2023-A10355A (ACTIVE) - Summary

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

2023-A10355A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                 10355--A
 
                           I N  A S S E M B L Y
 
                               May 20, 2024
                                ___________
 
 Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. Stern) --
   read once and referred  to  the  Committee  on  Housing  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee
 
 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
 LOCAL  LEGISLATIVE BODY OF ANY MUNICIPALITY WITHIN 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
 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 RESTRIC-
 TIVE COVENANTS OF SAID MUTUAL REDEVELOPMENT COMPANY, WHICH WOULD REQUIRE
 SUBSTANTIAL INCREASES IN  CARRYING  OR  MAINTENANCE  CHARGES  AFTER  THE
 INITIAL  PERIOD  OF  TAX  EXEMPTION  IS  ENDED  OR  IS  GOING TO REQUIRE
 INCREASES IN  THE  CARRYING  OR  MAINTENANCE  CHARGES  DURING  ANY  SUCH
 EXTENDED  TAX EXEMPTION PURSUANT TO A PRESENT EXTENSION AGREEMENT 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  TWEN-
 TY-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.

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