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Sponsors
History
- Substituted by A5567A
- Advanced to third reading
- 2nd report cal.
- Print number 2844a
- 1st report with amendments cal.97
- Referred to housing, construction and community development
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
Signed by Governor · Sponsor Vito Lopez
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
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
This bill would require that the New York City Council act on this important legislation within 120 days.
Summary of provisions
Subdivision 1 of section 577 of the Private housing finance law is amended by adding a new paragraph (d).
Justification
Article 11 Housing Development Funding Companies ("HDFC"S) are indispensible 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 often resulting in lengthy delays before the approval of such an exemption and creating a tremendous financial hardship to the HDFC.
Legislative history
This is 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.