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
- Recommit, enacting clause stricken
- Referred to local government
- Returned to senate
- Died in assembly
- Referred to real property taxation
- Delivered to assembly
- Passed senateVote 62–1
- Ordered to third reading cal.1614
- Committee discharged and committed to rules
- Referred to local government
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.
Provides property exemption for Lot number 275 in Richmond for the conversion to multiple dwellings to eliminate fire and health hazards
In Assembly Committee · Real Property Taxation · Sponsor Matthew Titone
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5118
Title of bill
An act in relation to tax exemptions for conversions to multiple dwellings to eliminate fire and health hazards
Purpose
This bill would permit a commercial building converting to a multiple dwelling located in the county of Richmond to access J-51 benefits to enable the completion of this partially completed housing project.
Summary of provisions
This bill specifically identifies a project on a lot numbered 275 of Richmond block numbered 1 to make it eligible to receive J-51 benefits for conversion of a commercial building to a multiple dwelling.
Justification
The conversion of a 1908 factory storage building to a multiple dwelling was commenced pursuant to a work permit issued on July 16, 2004. The building is currently in a state of partial completion. Construction was ceased because of the financial crisis and a subsequent foreclosure proceeding. At such time, this building was eligible for J-51 benefits. The building was bought out of foreclosure by the current owner. To complete this unfinished project, which constitutes a significant community eyesore, this bill is required to re-qualify the owner for J-51 benefits. The owner acquired this project out of foreclosure on the understanding that the 1-51 benefits would continue to be available. The J-51 program lapsed and the new program enacted earlier this session would not include a conversion without substantial governmental assistance. The J-51 benefits would make the converted units cleated by this project available to the target market on Staten Island.
This project was prevented by the onset and continuation of the financial crisis and the subsequent mortgage foreclosure from accessing the benefits from J-51. It was unable to be completed within the 36 month limit as required under RPTL § 489(a)(6), which this bill is intended to cure. To allow a partially finished project to continue to remain uncompleted when additional housing opportunities and tax revenues are available is counterproductive. This bill would enable this project to achieve completion and maintain a level of affordability consistent with Staten Island residents.
Current law
J-51 benefits for conversions are only available where there is substantial governmental assistance and the application is made within four years after commencement of construction.
Legislative history
New bill.
Fiscal implications
None to the State.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.