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Sponsors
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History
- Signed chap.73
- Delivered to governor
- Returned to assembly
- Passed senateVote 62–0
- 3rd reading cal.97
- Substituted for S2844A
- Referred to housing, construction and community development
- Delivered to senate
- Passed assembly
- Advanced to third reading cal.390
- Reported
- Print number 5567a
Show 3 earlier actions
- Amend and recommit to ways and means
- Reported referred to ways and means
- Referred to housing
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to tax exemptions for projects of housing development fund companies
Senate Floor Calendar · Sponsor Pedro Espada Jr.
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A5567A
Title of bill
An act to amend the private housing finance law, in relation to tax exemptions for projects of housing development fund companies
Purpose or general idea of bill
This would require that the New York City Council act on this important legislation within 120 Days.
Justification
Article 11 Housing Development Funding Companies ("HDFCs") are indispen- sable in providing low income housing in New York City. Due to their not for profit status and the statutory requirements that the residents of the housing they produce and rehabilitate must be low income, they generally have little margin in covering the monthly maintenance and operation of their housing developments. They are currently eligible for a deep property tax exemption pursuant to State Law. Without such exemption the HDFC would have difficulty maintaining their developments due to the increased costs that would be incurred.
This bill ensures that when an HDFC is eligible for a real property tax exemption through Article 11, that the local legislative body who approves such exemption must act within 120 days of its submission. Under current law, the time frame by which the local legislative body may act is open ended often resulting in lengthy delays before the approval of such an exemption and creating a tremendous financial hard- ship to the HDFC.
Prior legislative history
New Legislation.
Fiscal implications
None to the State.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.