S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7560
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               June 6, 2023
                                ___________
 
 Introduced  by  Sen. PALUMBO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the real property tax  law,  in  relation  to  extending
   certain provisions related to the affordable New York housing program
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Clause (A) of subparagraph (iv) of paragraph (a) of  subdi-
 vision  2  of  section 421-a of the real property tax law, as amended by
 section 63-a of part A of chapter 20 of the laws of 2015, is amended  to
 read as follows:
   (A)  Unless  excluded by local law, in the city of New York, the bene-
 fits of this subparagraph shall be available in the borough of Manhattan
 for new multiple dwellings on tax lots now existing or hereafter created
 south of or adjacent to either side of one  hundred  tenth  street  that
 commence  construction after July first, nineteen hundred ninety-two and
 on or  before  December  thirty-first,  two  thousand  [fifteen]  THIRTY
 provided,  however,  that  such  a  multiple dwelling receives its first
 temporary or permanent certificate of occupancy covering all residential
 areas on or before December thirty-first, two thousand [nineteen]  THIR-
 TY-FOUR,  and  solely  for  purposes  of determining whether this clause
 applies and notwithstanding any local law to  the  contrary,  "commence"
 shall  mean  the  date upon which excavation and construction of initial
 footings and foundations lawfully begins in good faith or, for an eligi-
 ble conversion, the date upon  which  the  actual  construction  of  the
 conversion,  alteration  or  improvement of the pre-existing building or
 structure lawfully begins in good faith, only if:
   a. the construction is carried out with the substantial assistance  of
 grants,  loans  or  subsidies from any federal, state or local agency or
 instrumentality, or
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11718-01-3
 S. 7560                             2
 
              

   b. the local housing agency has imposed a requirement or has certified
 that twenty percent of the units are affordable to families of  low  and
 moderate income.
   §  2.  Subparagraphs (i) and (ii) of paragraph (b) of subdivision 6 of
 section 421-a of the real property tax law, as amended by  section  63-j
 of  part  A  of  chapter  20 of the laws of 2015, are amended to read as
 follows:
   (i) not less than twenty percent of the units in the  covered  project
 are affordable to and occupied or available for occupancy by individuals
 or families whose incomes at the time of initial occupancy do not exceed
 eighty  percent of the area median incomes adjusted for family size, and
 at least one building in such covered project  that  contains  not  less
 than  twenty percent of its dwelling units meeting this affordable hous-
 ing requirement has a commencement date on or  before  December  thirty-
 first,  two  thousand  [fifteen] THIRTY and all of the buildings in such
 covered project that receive benefits pursuant to paragraph (f) of  this
 subdivision  have  a  completion  date  on or before June fifteenth, two
 thousand [twenty-five] FORTY; or
   (ii) not less than ten percent of the units in the covered project are
 affordable to and occupied or available for occupancy by individuals  or
 families  whose  incomes  at the time of initial occupancy do not exceed
 eighty percent of the area median incomes adjusted for family  size  and
 not  less than an additional fifteen percent of the units in the covered
 project are affordable to and occupied or  available  for  occupancy  by
 individuals  or  families whose incomes at the time of initial occupancy
 do not exceed one hundred twenty-five percent of the area median incomes
 adjusted for family size, and at least  one  building  in  such  covered
 project  that contains not less than twenty-five percent of its dwelling
 units meeting this affordable housing  requirement  has  a  commencement
 date  on  or before December thirty-first, two thousand [fifteen] THIRTY
 and all of the buildings in such covered project that  receive  benefits
 pursuant  to paragraph (f) of this subdivision have a completion date on
 or before June fifteenth, two thousand [twenty-five] FORTY.
   § 3. Subparagraph (xxviii) of  paragraph  (a)  of  subdivision  16  of
 section  421-a  of the real property tax law, as amended by section 3 of
 part TTT of chapter 59 of the laws  of  2017,  is  amended  to  read  as
 follows:
   (xxviii)  "Eligible  multiple dwelling" shall mean a multiple dwelling
 or homeownership project containing six or more dwelling  units  created
 through  new construction or eligible conversion for which the commence-
 ment date is after December thirty-first, two thousand [fifteen  and  on
 or before June fifteenth, two thousand twenty-two] THIRTY, and for which
 the  completion date is on or before June fifteenth, two thousand [twen-
 ty-six] FORTY.
   § 4. Paragraph (r) of subdivision 16 of  section  421-a  of  the  real
 property  tax  law, as amended by section 3 of part TTT of chapter 59 of
 the laws of 2017, is amended to read as follows:
   (r) Election. Notwithstanding anything  in  this  subdivision  to  the
 contrary,  a rental project or homeownership project with a commencement
 date on or before December thirty-first, two thousand  [fifteen]  THIRTY
 that  has  not  received  benefits pursuant to this section prior to the
 effective date of the chapter of the laws of two thousand  fifteen  that
 added  this  subdivision  may  elect to comply with this subdivision and
 receive Affordable New York Housing Program benefits  pursuant  to  this
 subdivision.
   § 5. This act shall take effect immediately.