New York S 5662: Increases the maximum amount of individual awards for the physician loan repayment program and physician practice support program

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
S05662 Summary:

BILL NOS05662B

&nbsp

SAME ASSAME AS A06654-B

&nbsp

SPONSORKAVANAGH

&nbsp

COSPNSRFERNANDEZ

&nbsp

MLTSPNSR

&nbsp

Amd §§33, 125 & 93, Priv Hous Fin L

&nbsp

Relates to authorizing a reduction of taxes pursuant to shelter rent; provides that upon consent of the local legislative body in a city with a population of one million or more such taxes may be reduced to five per centum or less, including a full reduction of the annual shelter rent or carrying charges of a project.

Go to top S05662 Actions:

BILL NOS05662B

&nbsp

02/26/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

03/10/2025REPORTED AND COMMITTED TO CITIES 1

04/08/2025REPORTED AND COMMITTED TO FINANCE

01/07/2026REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

01/08/2026AMEND AND RECOMMIT TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

01/08/2026PRINT NUMBER 5662A

03/18/2026REPORTED AND COMMITTED TO FINANCE

05/13/2026AMEND AND RECOMMIT TO FINANCE

05/13/2026PRINT NUMBER 5662B

Go to topS05662 Committee&nbspVotes:

Go to topS05662 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS05662 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5662--B

 2025-2026 Regular Sessions

 IN SENATE

 February 26, 2025
 ___________

 Introduced by Sens. KAVANAGH, FERNANDEZ -- read twice and ordered print-
 ed, and when printed to be committed to the Committee on Housing,
 Construction and Community Development -- recommitted to the Committee
 on Housing, Construction and Community Development in accordance with
 Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered
 reprinted as amended and recommitted to said committee -- reported
 favorably from said committee and committed to the Committee on
 Finance -- committee discharged, bill amended, ordered reprinted as
 amended and recommitted to said committee

 AN ACT to amend the private housing finance law, in relation to author-
 izing a reduction of taxes pursuant to shelter rent

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Paragraph (a) of subdivision 1 of section 33 of the private
 2 housing finance law, as amended by section 1 of part L of chapter 56 of
 3 the laws of 2025, is amended to read as follows:
 4 (a) Upon the consent of the local legislative body of any municipality
 5 in which a project is or is to be located, the real property in a
 6 project shall be exempt from local and municipal taxes, other than
 7 assessments for local improvements, to the extent of all or part of the
 8 value of the property included in such project which represents an
 9 increase over the assessed valuation of the real property, both land and
 10 improvements, acquired for the project at the time of its acquisition by
 11 the limited-profit housing company, provided, however, that the real
 12 property in a project acquired for purposes of rehabilitation shall be
 13 exempt to the extent of all or part of the value of the property
 14 included in such project, and further provided that the amount of such
 15 taxes to be paid for projects located or to be located in a municipality
 16 with a population of less than one million shall not be less than ten
 17 per centum of the annual shelter rent or carrying charges of such
 18 project except that for projects located or to be located in a city of a

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10198-07-6

 S. 5662--B 2

 1 population of one million or more, the amount of such taxes shall be no
 2 more than five per centum of the annual shelter rent or carrying charges
 3 of the project or, upon consent of the local legislative body, the
 4 amount of such taxes may be further reduced to five per centum or less,
 5 including a full reduction, of the annual shelter rent or carrying
 6 charges of the project. Upon the consent of the local legislative body
 7 of a municipality, other than a city with a population of one million or
 8 more, in which the project is located, the amount of such taxes may be
 9 further reduced to five per centum or less, including a full reduction,
 10 of the annual shelter rent or carrying charges of