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.
              

                                                            LBD14357-04-4