S T A T E   O F   N E W   Y O R K
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                                    355
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 8, 2025
                                ___________
 
 Introduced  by M. of A. BARRETT, GLICK, HYNDMAN, WOERNER, JONES, EACHUS,
   LUCAS, COLTON, SIMON, DAVILA, LUPARDO, BEEPHAN, SIMPSON --  read  once
   and referred to the Committee on Real Property Taxation
 
 AN ACT to amend the real property tax law, in relation to the assessment
   of  residential  real property transferred from a charitable nonprofit
   housing organization to low-income persons
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  real  property  tax  law  is amended by adding a new
 section 581-c to read as follows:
   § 581-C. ASSESSMENT OF RESIDENTIAL REAL PROPERTY  TRANSFERRED  FROM  A
 CHARITABLE NONPROFIT HOUSING ORGANIZATION TO A LOW-INCOME PERSON. 1.  AS
 USED IN THIS SECTION:
   (A)  "CHARITABLE  NONPROFIT  HOUSING  ORGANIZATION" MEANS A CHARITABLE
 NONPROFIT ORGANIZATION WHOSE PRIMARY  PURPOSE  IS  THE  CONSTRUCTION  OR
 RENOVATION OF RESIDENTIAL HOUSING FOR CONVEYANCE TO A LOW-INCOME PERSON.
   (B) "ELIGIBLE NONPROFIT HOUSING PROPERTY" OR "PROPERTY" MEANS PROPERTY
 TRANSFERRED  BY A CHARITABLE NONPROFIT HOUSING ORGANIZATION TO A LOW-IN-
 COME PERSON AND OCCUPIED BY SUCH  LOW-INCOME  PERSON  AS  THEIR  PRIMARY
 RESIDENCE.
   (C)  "LOW-INCOME PERSON" MEANS AN INDIVIDUAL OR FAMILY WHOSE HOUSEHOLD
 INCOME DOES NOT EXCEED EIGHTY PERCENT OF THE AREA MEDIAN  INCOME  (AMI),
 ADJUSTED  FOR  FAMILY  SIZE AND AS ANNUALLY DEFINED BY THE UNITED STATES
 DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, WHO IS ELIGIBLE TO  PARTIC-
 IPATE  IN  THE CHARITABLE NONPROFIT HOUSING ORGANIZATION'S PROGRAM BASED
 ON CRITERIA ESTABLISHED BY THE CHARITABLE NONPROFIT HOUSING ORGANIZATION
 AND WHO OCCUPIES SUCH PROPERTY AS THEIR PRIMARY RESIDENCE.
   (D) "INITIAL TAXABLE VALUE" AND "INITIAL  ASSESSED  VALUE"  MEANS  THE
 SUBSIDIZED PURCHASE PRICE OF ANY ELIGIBLE NONPROFIT HOUSING PROPERTY AND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00193-01-5
              

 A. 355                              2
 
 THE  FULL  FAIR  MARKET VALUE FOR SUCH NONPROFIT HOUSING PROPERTY ON THE
 ASSESSMENT ROLLS WHICH SHALL NOT EXCEED THE SUBSIDIZED PURCHASE PRICE.
   (E)  "SUBSIDIZED  PURCHASE  PRICE" MEANS AN AMOUNT EQUAL TO THE SUM OF
 (I) THE FIRST MORTGAGE AMOUNT FILED WITH THE COUNTY CLERK, PLUS (II) THE
 ACTUAL CASH DOWN PAYMENT PAID BY THE PURCHASER. THE CLOSING STATEMENT OR
 SWORN AFFIDAVIT FILED WITH THE COUNTY CLERK OR LOCAL  ASSESSOR'S  OFFICE
 BY  THE  SELLER'S  ATTORNEY SHALL BE CONCLUSIVE EVIDENCE OF THE VALUE OF
 SUBPARAGRAPHS (I) AND (II) OF THIS PARAGRAPH.
   (F) "SUBSEQUENT TAXABLE VALUE" AND "SUBSEQUENT ASSESSED VALUE"  MEANS,
 IN  YEARS  SUBSEQUENT  TO THE CALENDAR YEAR OF THE TRANSFER, THE INITIAL
 ASSESSED VALUE OF ANY ELIGIBLE  NONPROFIT  HOUSING  PROPERTY;  PROVIDED,
 HOWEVER, THAT FOR AS LONG AS ANY LOW-INCOME PERSON OWNS AND OCCUPIES THE
 PROPERTY, THE ONLY BASIS FOR INCREASING THE INITIAL ASSESSED VALUE SHALL
 BE CAPITAL IMPROVEMENTS MADE TO THE PROPERTY, IF ANY.
   (G)  "TRANSFER"  MEANS  A  CONVEYANCE  OF AN INTEREST IN REAL PROPERTY
 WHETHER BY DEED OR A LEASEHOLD GRANT FOR NOT LESS THAN FORTY-NINE YEARS.
   2. FOR ANY ELIGIBLE NONPROFIT HOUSING PROPERTY ACQUIRED BY  A  LOW-IN-
 COME PERSON ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY-SIX, THE FULL
 MARKET  VALUE  OF  SUCH  PROPERTY  SHALL NOT BE GREATER THAN THE INITIAL
 TAXABLE VALUE, AS DEFINED IN SUBDIVISION ONE OF THIS SECTION.    IN  THE
 YEAR  IMMEDIATELY  SUCCEEDING  THE  YEAR IN WHICH THE ACQUISITION OF ANY
 ELIGIBLE NONPROFIT HOUSING PROPERTY BY A LOW-INCOME  PERSON  OCCURS  AND
 EACH YEAR THEREAFTER, THE FULL MARKET VALUE OF THE PROPERTY SHALL NOT BE
 GREATER THAN THE SUBSEQUENT TAXABLE VALUE AND SUBSEQUENT ASSESSED VALUE,
 AS  DEFINED IN SUBDIVISION ONE OF THIS SECTION.  ANY REASSESSMENT OF ANY
 ELIGIBLE NONPROFIT HOUSING PROPERTY SHALL IN NO EVENT EXCEED THE GREATER
 OF (I) THE INITIAL TAXABLE VALUE AND INITIAL ASSESSED VALUE OR (II)  THE
 SUBSEQUENT  TAXABLE  VALUE  AND SUBSEQUENT ASSESSED VALUE, AS DEFINED IN
 SUBDIVISION ONE OF THIS SECTION.
   § 2. This act shall take effect immediately.