New York S 10345: Defines affordability option D under the affordable neighborhoods for New Yorkers tax incentive

Bill Text

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S10345 Summary:

BILL NOS10345 

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SAME ASSAME AS A11314

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SPONSORGOUNARDES

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COSPNSRCOMRIE, FERNANDEZ, HARCKHAM, HINCHEY, MARTINEZ, RAMOS, SALAZAR, SKOUFIS, SUTTON

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MLTSPNSR

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Amd §485-x, RPT L

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Defines affordability option D under the affordable neighborhoods for New Yorkers tax incentive to include an annual adjustment to reflect the percentage increase in the consumer price index for all urban consumers published by the United States department of labor.

Go to top S10345 Actions:

BILL NOS10345 

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05/14/2026REFERRED TO LOCAL GOVERNMENT

Go to topS10345 Committee&nbspVotes:

Go to topS10345 Floor&nbspVotes:

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

Go to topS10345 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10345

 IN SENATE

 May 14, 2026
 ___________

 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
 printed to be committed to the Committee on Local Government

 AN ACT to amend the real property tax law, in relation to defining
 affordability option D under the affordable neighborhoods for New
 Yorkers tax incentive

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

 1 Section 1. Paragraph (d) of subdivision 1 of section 485-x of the real
 2 property tax law, as added by section 1 of part U of chapter 56 of the
 3 laws of 2024, is amended to read as follows:
 4 (d) "Affordability option D" shall mean a homeownership project in
 5 which one hundred percent of the units shall have an average assessed
 6 value per square foot that does not exceed [eighty-nine] one hundred
 7 twenty dollars, adjusted annually to reflect the percentage increase in
 8 the consumer price index for all urban consumers published by the United
 9 States department of labor, upon the first assessment following the
 10 completion date and where each owner of any such unit shall agree, in
 11 writing, to maintain such unit as their primary residence for no less
 12 than five years from the acquisition of such unit.
 13 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD15800-01-6

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