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Sponsors
Senator · Senate District 57
1 Co-sponsor
History
- Signed chap.415
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.352
- Substituted for A9498
- Referred to housing
- Delivered to assembly
- Passed senateVote 57–1
- Advanced to third reading
- 2nd report cal.
- 1st report cal.272
Show 1 earlier action
- 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.
Authorizes local legislative bodies to grant additional real property tax exemptions to certain redevelopment company projects
Assembly Floor Calendar · Sponsor Vito Lopez
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6480
Title of bill
An act to amend the private housing finance law, in relation to authorizing the granting of an additional real property tax exemption for certain redevelopment company projects
Purpose
This bill authorizes local legislative bodies to extend real property tax abatements in order to encourage the retention of federally subsidized affordable housing within the municipality.
Summary of provisions
This bill amends subdivision 1 of section 125 of the private housing finance law to add a new paragraph a(3) which provides that a local legislative body may extend an Article 5 real property tax abatement for projects which are nearing the end of their abatement period. The abatement may be granted for up to a 50 year period or until such time as the property ceases to provide affordable housing under Article 5.
Justification
New York State Housing Finance Law Article 5 establishes a process whereby a municipal legislative body may authorize real property tax abatements in order to meet the municipality's need for affordable housing. Most of the projects receiving these tax abatements are Section 8 projects which were built during the 70s and 80s, have a maximum tax abatement term of 40 years, and are nearing the end of their abatement period. State law does not currently provide the option for a municipality to extend an existing tax abatement period.
An owner exiting the program is subject to unpredictable real property tax assessments. The tax assessment process is not equipped to take into account the factors associated with maintaining affordable housing. Many assessors do not refer to HUD's federal Real Estate Assessment Center in formulating their assessments. Additionally one of HUD's requirements in establishing the feasibility of Section 8 housing is that a project has an abatement that is an objective predictable shelter rent percentage into the future, not a subjective unpredictable annual assessment.
Many Section 8 owners will be unable to afford taxes based upon a traditional valuation process and will likely choose to opt out of the program when the tax abatement ceases. This bill will allow a municipality the option to extend the abatement program to provide an inducement for maintaining building to meet local affordable housing needs.
Legislative history
New bill.
Fiscal implications
None.
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.