§ 1974-b. Lease and other agreements. 1. As used or referred to in
this title, unless a different meaning clearly appears from the context:

(a) "owner" shall mean any individual, partnership, trust or public or
private corporation (including a cooperative housing corporation),
holding the tenant's interest in a residential lease.

(b) "residential lease" shall mean a lease, sublease or other
agreement that relates to all or a portion of a project, where all of
such project, or the portion thereof to which such lease, sublease or
other agreement relates, is designed and intended for the purpose of
providing housing accommodations and such facilities as may be
incidental thereto, the landlord's interest in which is held by the
authority at the time such lease, sublease or other agreement is entered
into.

(c) "underlying parcel" shall mean a parcel subject to a residential
lease; provided, however, that in any case where the tenant's interest
in a residential lease is held by a unit owner, "underlying parcel"
shall mean the parcel in which the unit is included.

(d) the terms "unit owner" and "unit" shall have the meanings
specified in section three hundred thirty-nine-e of the real property
law. The term "parcel" shall have the meaning specified in section one
hundred two of the real property tax law; provided, however, that in any
case where the tenant's interest in a residential lease is held by a
unit owner, "parcel" shall mean the real property deemed to be a parcel
pursuant to paragraph (a) of subdivision two of section three hundred
thirty-nine-y of the real property law.

2. (a) If an underlying parcel is exempt from real property taxes, or
no real property taxes are payable with respect thereto, pursuant to the
provisions of section nineteen hundred eighty-one of this title or of
section twenty-two of chapter one hundred seventy-four of the laws of
nineteen hundred sixty-eight, the residential lease for such underlying
parcel shall provide for the payment by the owner of such residential
lease to the authority of annual or other periodic amounts equal to the
amount of real property taxes that otherwise would be paid or payable
with respect to such underlying parcel, after giving effect to any real
property tax abatements and exemptions, if any, which would be
applicable thereto, if the provisions of section nineteen hundred
eighty-one of this title or of section twenty-two of chapter one hundred
seventy-four of the laws of nineteen hundred sixty-eight were not
applicable to such underlying parcel.

(b) If an underlying parcel is owned by the city of New York, the
residential lease for such underlying parcel shall provide for the
payment by the owner of such residential lease to the city of New York
of annual or other periodic amounts equal to the amount of real property
taxes that are payable with respect to such underlying parcel, after
giving effect to any real property tax abatements and exemptions, if
any, which are applicable thereto.

(c) Where the owner of a residential lease is assessed for real
property taxes with respect to the underlying parcel subject to such
residential lease pursuant to section five hundred two of the real
property tax law and section three hundred thirty-nine-y of the real
property law, payment of such real property taxes shall be credited
against the annual or periodic amounts of tax equivalency payments,
payments in lieu of taxes or similar payments required to be paid under
such residential lease.