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- Referred to local government
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Provides designation of housing opportunity zones for housing incentives
In Assembly Committee · Housing · Sponsor David Gantt
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3160
Title of bill
An act to amend the general municipal law, the public service law, the tax law and the real property tax law, in relation to authorizing the creation of housing opportunity zones in certain cities, towns and villages within the state
Summary
This is a study bill which has been introduced at the request of the Senate Minority Task Force on the Financing of Affordable Housing. This bill would add a new Article 19-AA to the General Business Law, to authorize the creation of Housing Opportunity Zones. Pursuant to the provisions of this bill, the Commissioner of Housing and Community Renewal would be empowered to designate certain areas of the state as "Housing Opportunity Zones". This bill would also provide that all new residential units within such zones which receive governmental assistance would be entitled to a partial and graduated exemption of property taxes for a period not to exceed ten years.
In addition, businesses that invest in the new construction or substantial rehabilitation of residential units located within such zones would be entitled to a tax credit. In return, for every two units produced which sell or rent at a market-rate level, one additional unit must be produced to sell or rent at a level affordable by persons or families of low or moderate income. In addition, utilities would be required to provide a reduced-rate to residential customers residing in housing opportunity zone residential units.
Furthermore, all materials used in the construction or substantial rehabilitation of housing opportunity zone units would be exempt from all state and local sales taxes. Similarly, all permit fees required by the state or locality for any phase of the construction or substantial rehabilitation of housing opportunity zone residential units would be waived by the state or locality.
Justification
The creation of designated areas within the state coupled with the special provisions for the construction or substantial rehabilitation of affordable housing units within housing opportunity zones would greatly encourage the development of affordable housing in New York State. The benefits, which would be as-of-right for any new construction or substantial rehabilitation of residential units would provide tremendous incentives to housing developers.
Fiscal implications
The cost to the state and localities in lost revenue through tax credits and waiver of permit fees would be offset through new construction resulting in increased income tax, partial property tax and mortgage recording tax collections.
Effective date
This act shall take effect on the first of October next succeeding the date on which it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.