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History
- Signed chap.531
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.501
- Substituted for A9937
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 59–0
- Ordered to third reading cal.1519
- Committee discharged and committed to rules
- 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 authorizing the granting of an additional real property tax exemption for certain redevelopment company projects
Assembly Floor Calendar · Sponsor Richard Gottfried
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7709
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 or general idea of bill
Allows the New York City Council to grant Penn South up to fifty years of additional tax exempt status from certain local and municipal taxes, provided that it continues to maintain its status as affordable housing.
Summary of specific provisions
This bill would authorize a local legislative body in a city with a population of one million or more to grant an additional tax exemption from certain local and municipal taxes for a period of up to fifty years wherever it has acted to extend a tax exemption of a mutual redevelopment company for the maximum period provided in paragraph (a-2) of subdivision 1 of Section 125 of the Private Housing Finance Law, provided that the amount of taxes to be paid during such additional period of tax exemption shall be not less than an amount equal to the greater of ten percent of the annual rent or carrying charges of the project minus utilities for the residential portion of the project or the taxes payable by such mutual redevelopment company for the residential portion of the project during the tax year commencing July 1, 2000 and ending on June 30, 2001.
Justification
Mutual Redevelopment Houses, Inc. (more commonly known as "Penn South") is a redevelopment company organized pursuant to Article V of the Private Housing Finance Law that is located in the Chelsea area of Manhattan, an area that has experienced tremendous growth in real property values in recent years. Penn South still has managed to maintain its affordability in the face of the City's growing shortage of affordable housing. Penn South is undertaking a critically essential and very costly HVAC replacement project which has required a private loan and the aid of mortgage loan financing from the New York City Housing Development Corporation. In order to pay for the necessary work, Penn South has imposed a ten-year annual capital assessment, which began on June 1, 2011, on its resident cooperators and a special assessment on the sale of apartments. In addition, Penn South's surcharge revenue has been increased.
This bill would allow the local legislative body, in support of Penn South's remaining affordable, to provide up to fifty years of additional tax exemption to Penn South provided that it continues to maintain its status as affordable housing.
Prior legislative history
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.