§ 52. Tax exemptions of an authority. 1. An authority shall be exempt
from the payment of (a) any taxes or fees to the state or any
subdivision thereof and (b) any fees to any officer or employee of the
state or of any subdivision thereof, except where it is provided by or
pursuant to law that such officer or employee is personally entitled to
such fees as compensation for services rendered or performed by him in
his official capacity.

2. Bonds, mortgages, notes and other obligations of an authority are
declared to be issued for a public purpose and to be public
instrumentalities and together with interest thereon, shall be exempt
from tax.

2-a. The state of New York hereby consents to the inclusion, under the
United States internal revenue code of nineteen hundred fifty-four or
any subsequent internal revenue law of the United States of the interest
payable on bonds, mortgages, notes or other obligations of an authority
which are hereafter issued and secured (1) by a mortgage which is
insured under section two hundred twenty-one (d) (3) of the national
housing act (or any successor section under said act or any subsequent
housing act) by an authority as mortgagor in connection with the
financing of a project assisted under section eight of the United States
housing act of nineteen hundred thirty-seven, or (2) by a pledge of
housing assistance payments made or to be made under a contract or
contracts between an authority and the United States or any agency or
instrumentality thereof, in the gross income of the person who receives
or is entitled to receive such interest to the same extent and in the
same manner that the interest on bills, notes, bonds or other
obligations of the United States issued subsequent to the effective date
of section four of the public debt act of nineteen hundred forty-one is
includible in the gross income of the holder or holders thereof under
said internal revenue code or any subsequent internal revenue law of the
United States and, notwithstanding any provisions to the contrary
contained in this chapter or in any general, special or local law, an
authority is authorized and empowered to issue such bonds, mortgages,
notes or other obligations and shall include therein such reference to
or summary of this subdivision as it shall deem proper. The consent
hereby given by the state of New York shall not be construed to consent
to the application of any other provision of any other law, federal or
state, to an authority or to the elimination or modification in any way
of any other exemption, privilege, or immunity thereof.

3. Except as to state projects, the property of an authority shall be
exempt from all local and municipal taxes. A federal or municipal
project consisting of land and one or more multiple dwellings leased by
an authority for a term of not less than ten years shall be exempt from
such taxes during the period of such lease. A municipality may (a) fix a
sum which shall be paid to it annually by the authority in respect of
each project; or (b) agree that the authority shall not pay or be liable
to pay any sum whatsoever in respect of a project or projects for any
year or years; or (c) agree with an authority or government upon the sum
to be paid by the authority for any year or years in respect of a
project or projects, or accept or agree to accept a fixed sum or other
consideration in lieu of such payment; provided, however, that the sum
fixed, or agreed to be paid by the authority, for any year shall in no
case exceed the sum last levied as an annual tax upon the property
included in such project prior to the time of its acquisition by the
authority; and provided, further, that the sum fixed, or agreed to be
paid by the authority, for any year with respect to a federal project
shall in no case exceed the sum last levied as an annual tax upon the
property included in such project prior to the time of its acquisition
by the authority or such greater amount as the federal government may
permit.

3-a. With respect to a federal project located within a school
district, an authority may make payments to such district, and the
authority and the district may enter into agreements with respect to
such payments. Such payments shall not exceed the amounts permitted for
such purposes by the federal government. The power granted by this
subdivision shall be in addition to any other power granted in this
section or any other provision of law.

4. (a) So much of the value of the property included in a state
project as represents an increase over the assessed valuation of the
real property, both land and improvements, on the date of the contract
for a state loan, or, in the absence of a contract for a state loan,
then on the date of the contract for a state subsidy, shall be exempt
from any and all state, county, city, village, town, school and special
district taxes, except that the assessed valuation may be increased or
decreased to reflect a change in the level of assessment as certified
pursuant to title two of article twelve of the real property tax law. In
no event may any assessing unit assess the property included in a
project at an amount in excess of the actual cost of the project.

(b) In any assessing unit in which there has been a change in level of
assessment as provided in title two of article twelve of the real
property tax law, the commissioner of taxation and finance shall certify
the change in level of assessment factor in the manner provided in title
two of article twelve of the real property tax law. The term "assessing
unit" as used in this subdivision means a city, town, village or county
having a county department of assessment with the power to assess real
property.

5. The tax exemptions specified in subdivisions three and four of this
section shall not operate for a period of more than fifty years,
commencing in each instance from the date on which the benefits of such
exemption first become available and effective, except that in the case
of a federal project the tax exemption may operate for a period not to
exceed sixty years, and except that in the case of a project, or part
thereof, leased from a housing company or in the case of a federal or
municipal project consisting of land and one or more multiple dwellings
leased by an authority for not less than ten years the tax exemption may
operate for a period not exceeding the term of such lease.

6. Upon the completion of the sixty-year period provided in
subdivision five of this section applicable to federal projects, each
authority that was eligible for the tax exemption specified in
subdivisions three and four of this section shall be exempt from all
local and municipal taxes imposed by state and local governments for
sixty years after the expiration of the initial exemption period. Upon
the completion of the fifty-year period provided in subdivision five of
this section applicable to state and municipal projects, each authority
that received the tax exemption specified in subdivision three or four
of this section may, on the expiration of the tax exemption period, be
granted an additional tax exemption period of up to fifty years. A
municipality may (a) fix a sum which shall be paid to it annually by the
authority in respect of each project; or (b) agree that the authority
shall not pay or be liable to pay any sum whatsoever in respect of a
project or projects for any year or years; or (c) agree with an
authority or government upon the sum to be paid by the authority for any
year or years in respect of a project or projects, or accept or agree to
accept a fixed sum or other consideration in lieu of such payment;
provided, however, that the sum fixed, or agreed to be paid by the
authority, for any year shall in no case exceed the sum last levied as
an annual tax upon the property included in such project prior to the
time of its acquisition by the authority or, in the case of a federal
project, such greater amount as the federal government may permit.

With respect to a federal project located within a school district, an
authority may make payments to such district, and the authority and the
district may enter into agreements with respect to such payments. Such
payments shall not exceed the amounts permitted for such purposes by the
federal government. The power granted by this subdivision shall be in
addition to any other power granted in this section or any other
provision of law.