What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to rules
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7794
Title of bill
An act to amend the real property tax law, in relation to interim multiple dwellings in a city with a population of one million or more
Purpose
This bill would restore tax exemption benefits to high density( FAR 15) zoning districts thus permitting the development of more 80/20 projects. The bill also makes technical corrections to the filing requirements under Section 421-a to simplify the filing process.
Summary of provisions
Section one incentivizes the construction of affordable and market rate units in certain areas of Manhattan through the 421-a Program.
Section two, three and four eliminates language added by Chapter 97 of the Laws of 2011 intended to allow extended periods of construction for certain projects participating in the 421-a Program.
Section five relates to the severability clause.
Section six contains the effective date.
Justification
Section 421-a of the Real Property Tax Law provides tax benefits for construction of new residential buildings in the City of New York. 421-a benefits are available for up to 25 years depending upon the location of the multiple dwelling. The Rent Act of 2011 extended the 421-a Program to June 15, 2015. This bill restores tax exemption benefits to certain high density (FAR 15) zoning districts.
By extending the 421-a program to projects in certain FAR 15 zoning districts, this legislation would stimulate the creation of much needed new affordable and market rate housing. Further, by incentivizing residential construction it will stimulate the economy through job creation and development. In order to participate in the program developers would need to provide on-site affordable housing or provide funding to New York City's Department of Housing Preservation and Development for the construction of affordable housing.
Legislative history
New Bill.
Fiscal implications
None to the State.
Effective date
This act shall take effect immediately, provided, however, that the provisions of section one of this act shall be
deemed to have been in full force and effect on and after July 1, 2010; provided further, however, that that the provisions of section three shall be deemed to have been full force and effect on and after December 31, 2001; and provided further, however, that the provisions of sections four, five and six of this act shall be deemed to have been in full force and effect on and after December 26, 2010; and and provided that with respect to any application for a preliminary certificate of eligibility that is filed no later than June 24, 2012, or that is filed for a project that was the subject of mortgage foreclosure proceedings or other lien enforcement litigation by a lender on or before June 24, 2012, such project shall be subject to that portion of the definition of "commence" contained in item (1) of clause (iv) of subparagraph (2) of paragraph (b) of subdivision (a) of section 6-09 of title twenty-eight of the rules of the city of New York.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.