S T A T E   O F   N E W   Y O R K
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                                  8647--A
     Cal. No. 1022
 
                             I N  S E N A T E
 
                             February 26, 2024
                                ___________
 
 Introduced  by  Sen. MARTINS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Housing, Construction  and
   Community  Development  --  reported  favorably  from  said committee,
   ordered to first and  second  report,  ordered  to  a  third  reading,
   amended  and  ordered  reprinted,  retaining its place in the order of
   third reading

 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.
                                                            LBD14357-05-4