New York A 1791: Provides a real property tax exemption to agricultural lands that are used for certain purposes

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A01791 Summary:

BILL NOA01791 

&nbsp

SAME ASSAME AS S06263

&nbsp

SPONSORButtenschon

&nbsp

COSPNSRFall, Simon, Burke, Septimo, Steck, Lee

&nbsp

MLTSPNSR

&nbsp

Add §615, Priv Hous Fin L

&nbsp

Requires out-of-state affordable housing owners to maintain an escrow account for the purpose of financing utility costs, property tax obligations, fire services, and regular maintenance costs for affordable housing rental units located in New York state.

Go to top A01791 Actions:

BILL NOA01791 

&nbsp

01/14/2025referred to housing

01/07/2026referred to housing

Go to topA01791 Committee&nbspVotes:

Go to topA01791 Floor&nbspVotes:

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

Go to topA01791 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1791

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 14, 2025
 ___________

 Introduced by M. of A. BUTTENSCHON, FALL, SIMON, BURKE, SEPTIMO -- read
 once and referred to the Committee on Housing

 AN ACT to amend the private housing finance law, in relation to requir-
 ing certain out-of-state affordable housing owners to maintain an
 escrow account for affordable housing rental units located in New York
 state

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

 1 Section 1. The private housing finance law is amended by adding a new
 2 section 615 to read as follows:
 3 § 615. Out-of-state affordable housing owner escrow account. 1. For
 4 the purposes of this section, the following terms shall have the follow-
 5 ing meanings:
 6 (a) "HUD" shall mean the federal department of housing and urban
 7 development.
 8 (b) "Out-of-state affordable housing owner" shall mean an affordable
 9 housing development company that:
 10 (i) is located outside of New York state;
 11 (ii) owns twenty or more affordable housing rental units located in
 12 New York state; and
 13 (iii) receives federal funding pursuant to a HUD-administered program
 14 or initiative.
 15 2. (a) Every out-of-state affordable housing owner shall maintain an
 16 escrow account, held by a bank or licensed lender, as such terms are
 17 defined by section two of the banking law, for the purpose of financing
 18 utility costs, tax obligations, fire services, and regular maintenance
 19 costs for affordable housing rental units located in New York state.
 20 (b) Such escrow account shall contain:
 21 (i) fifty percent of such owner's property tax obligations for afford-
 22 able housing rental units located in New York state for the prior tax
 23 year;

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04486-01-5

 A. 1791 2

 1 (ii) fifty percent of utility costs and regular maintenance costs for
 2 affordable housing rental units located in New York state for the previ-
 3 ous twelve months; and
 4 (iii) an amount sufficient to cover any potential fire services, as
 5 determined by the commissioner.
 6 § 2. This act shall take effect on the sixtieth day after it shall
 7 have become a law.

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