New York A 6654: Relates to authorizing a reduction of taxes pursuant to shelter rent

Bill Text

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A06654 Summary:

BILL NOA06654B

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SAME ASSAME AS S05662-B

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SPONSORLasher

&nbsp

COSPNSRLee, Pheffer Amato

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MLTSPNSR

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Amd §§33, 125 & 93, Priv Hous Fin L

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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 A06654 Actions:

BILL NOA06654B

&nbsp

03/06/2025referred to housing

01/07/2026referred to housing

02/02/2026amend and recommit to housing

02/02/2026print number 6654a

05/18/2026amend and recommit to housing

05/18/2026print number 6654b

Go to topA06654 Committee&nbspVotes:

Go to topA06654 Floor&nbspVotes:

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

Go to topA06654 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6654--B

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 6, 2025
 ___________

 Introduced by M. of A. LASHER, LEE, PHEFFER AMATO -- read once and
 referred to the Committee on Housing -- recommitted to the Committee
 on Housing in accordance with Assembly Rule 3, sec. 2 -- committee
 discharged, bill amended, ordered reprinted as amended and recommitted
 to said committee -- again reported from said committee with amend-
 ments, 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
 19 population of one million or more, the amount of such taxes shall be no
 20 more than five per centum of the annual shelter rent or carrying charges
 21 of the project or, upon consent of the local legislative body, the

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10198-08-6

 A. 6654--B 2

 1 amount of such taxes may be further reduced to five per centum or less,
 2 including a full reduction, of the annual shelter rent or carrying
 3 charges of the project. Upon the consent of the local legislative body
 4 of a municipality, other than a city with a population of one million or
 5 more, in which the project is located, the amount of such taxes may be
 6 further reduced to five per centum or less, including a full reduction,
 7 of the annual shelter rent or carrying charges of the project. Any such
 8 granted consent to reduce the amount of such taxes shall expire every
 9 ten years. If such authorization is not renewed, the rate of taxation
 10 shall revert to the level established before the consent was granted.
 11 Shelter rent shall mean the total rents received from the occupants of a
 12 project less the cost of providing to the occupants electricity, gas,
 13 heat and other utilities. Total