New York S 4414: Establishes an optional local tax exemption for affordable multi-family housing, to be implemented based on regional recommendations developed by the division of housing and community renewal

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S04414 Summary:

BILL NOS04414 

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SAME ASNo Same As

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SPONSORMAY

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COSPNSR

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MLTSPNSR

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Add §421-r, RPT L

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Establishes an optional local tax exemption for affordable multi-family housing, to be implemented by cities, towns and villages based on recommendations developed by the division of housing and community renewal for each economic development region.

Go to top S04414 Actions:

BILL NOS04414 

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02/04/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

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

Go to topS04414 Committee&nbspVotes:

Go to topS04414 Floor&nbspVotes:

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

Go to topS04414 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4414

 2025-2026 Regular Sessions

 IN SENATE

 February 4, 2025
 ___________

 Introduced by Sen. MAY -- read twice and ordered printed, and when
 printed to be committed to the Committee on Housing, Construction and
 Community Development

 AN ACT to amend the real property tax law, in relation to establishing
 an optional local tax exemption for affordable multi-family housing

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

 1 Section 1. The real property tax law is amended by adding a new
 2 section 421-r to read as follows:
 3 § 421-r. Exemption of newly-constructed or converted rental multiple
 4 dwellings. 1. (a) A city, town or village may, by local law, provide
 5 for the exemption of rental multiple dwellings constructed or converted
 6 in a benefit area designated in such local law from taxation and special
 7 ad valorem levies, as provided in this section. Subsequent to the
 8 adoption of such a local law, any other municipal corporation in which
 9 the designated benefit area is located may likewise exempt such property
 10 from its taxation and special ad valorem levies by local law, or in the
 11 case of a school district, by resolution.
 12 (b) As used in this section, the term "benefit area" means the area
 13 within a city, town or village, designated by local law, to which an
 14 exemption, established pursuant to this section, applies.
 15 (c) The term "rental multiple dwelling" means a structure, other than
 16 a hotel, consisting of twenty or more dwelling units, where all of the
 17 units are rented for residential purposes, and such units, upon initial
 18 rental and upon each subsequent rental following a vacancy during the
 19 benefit period, are affordable to and restricted to occupancy by indi-
 20 viduals or families whose household income does not exceed a certain
 21 percentage, as determined based on recommendations developed by the
 22 division of housing and community renewal for each economic development
 23 region, of the area median income, adjusted for family size, on average,
 24 at the time that such households initially occupy such dwelling units.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08680-01-5

 S. 4414 2

 1 Such restriction period shall be in effect coterminous with the benefit
 2 period, provided, however, that the tenant or tenants in an income
 3 restricted dwelling unit at the time such restriction period ends shall
 4 have the right to lease renewals at the income restricted level until
 5 such time as such tenant or tenants permanently vacate the dwelling
 6 unit.
 7 2. (a) The division of housing and community renewal shall develop
 8 recommendations for each economic development region, as established by
 9 section two hundred thirty of the economic development law, regarding
 10 the implementation of the exemption created under this section. Cities,
 11 towns, and villages providing such exemption shall have the option to
 12 opt into such recommendations.
 13 (b) Such recommendations shall:
 14 (i) consider the financial feasibility of constructing new housing or
 15 converting a non-residential structure to a rental multiple dwelling and
 16 operating such housing in each economic development region, including
 17 any variation in construction costs and operating incomes for rental
 18 multiple dwelling projects in different parts of each such region, and