New York A 7987: Relates to the reduction of taxes pursuant to shelter rent

Bill Text

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A07987 Summary:

BILL NOA07987 

&nbsp

SAME ASSAME AS S07123

&nbsp

SPONSORLucas

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §33, Priv Hous Fin L

&nbsp

Provides for a reduction of taxes pursuant to shelter rent to zero percent.

Go to top A07987 Actions:

BILL NOA07987 

&nbsp

04/16/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA07987 Committee&nbspVotes:

Go to topA07987 Floor&nbspVotes:

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

Go to topA07987 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7987

 2025-2026 Regular Sessions

 IN ASSEMBLY

 April 16, 2025
 ___________

 Introduced by M. of A. LUCAS -- read once and referred to the Committee
 on Ways and Means

 AN ACT to amend the private housing finance law, in relation to
 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 chapter 229 of the laws of 1989, is
 3 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 shall not be less than ten per centum of the annual
 16 shelter rent or carrying charges of such project except that for
 17 projects located or to be located in a city of a population of one
 18 million or more, [upon the consent of the local legislative body of the
 19 municipality, the amount of such taxes to be paid may be set at not less
 20 than (i) the taxes payable with respect to the real property in such
 21 project with respect to the year nineteen hundred seventy-three, or,
 22 (ii) if such project was not occupied in such year, not less than ten
 23 per centum of the annual shelter rent or carrying charges first estab-
 24 lished pursuant to subdivision one of section thirty-one of this arti-
 25 cle] the amount of such taxes shall be no more than zero per centum of

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11475-01-5

 A. 7987 2

 1 the annual shelter rent or carrying charges of the project. Upon the
 2 consent of the local legislative body of a municipality, other than a
 3 city with a population of one million or more, in which the project is
 4 located, the amount of such taxes may be further reduced to zero per
 5 centum or less of the annual shelter rent or carrying charges of the
 6 project. Any such granted consent to reduce the amount of such taxes
 7 shall expire every ten years. If such authorization is not renewed, the
 8 rate of taxation shall revert to the level established before the
 9 consent was granted. Shelter rent shall mean the total rents received
 10 from the occupants of a project less the cost of providing to the occu-
 11 pants electricity, gas, heat and other utilities. Total rents shall
 12 include rent supplements and subsidies received from the federal govern-
 13 ment, the state or a municipality on behalf of such occupants[,] but
 14 shall not include interest reduction payments pursuant to subdivision
 15 (a) of section two hundred one of the Federal Housing and Urban Develop-
 16 ment Act of nineteen hundred sixty-eight. The tax exemption shall oper-
 17 ate and continue so long as the mortgage loans of the company, including
 18 any additional mortgage loan the proceeds of which are used primarily
 19 for the residential portion of the project, which additional loan is
 20 approved b