New York A 10549: Relates to surplus funds

Bill Text

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A10549 Summary:

BILL NOA10549 

&nbsp

SAME ASSAME AS S08170-A

&nbsp

SPONSORBraunstein

&nbsp

COSPNSRLee, Pheffer Amato, Hooks, Simone, Raga, Dais, Dinowitz, Simon, Hevesi, Taylor, Rozic, Glick

&nbsp

MLTSPNSR

&nbsp

Amd §489, RPT L

&nbsp

Authorizes a tax abatement for alterations and improvements to multiple dwellings for purposes of preserving habitability in affordable housing.

Go to top A10549 Actions:

BILL NOA10549 

&nbsp

03/13/2026referred to real property taxation

Go to topA10549 Committee&nbspVotes:

Go to topA10549 Floor&nbspVotes:

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

Go to topA10549 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10549

 IN ASSEMBLY

 March 13, 2026
 ___________

 Introduced by M. of A. BRAUNSTEIN -- read once and referred to the
 Committee on Real Property Taxation

 AN ACT to amend the real property tax law, in relation to authorizing a
 tax abatement for alterations and improvements to multiple dwellings
 for purposes of preserving habitability in affordable housing

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

 1 Section 1. Section 489 of the real property tax law is amended by
 2 adding a new subdivision 22 to read as follows:
 3 22. (a) Definitions. For the purposes of this subdivision:
 4 (1) "Affordable rent" shall mean the maximum rent within the marketing
 5 band that is allowed for an affordable rental unit as such rent is
 6 established by the local housing agency.
 7 (2) "Affordable rental unit" shall mean a dwelling unit in an eligible
 8 rental building that, as of the filing of an application for a certif-
 9 icate of eligibility and reasonable cost, has a rent at or below the
 10 affordable rent.
 11 (3) "Area median income" shall mean the income limits as defined annu-
 12 ally by the United States department of housing and urban development
 13 for the New York city area.
 14 (4) "Certificate of eligibility and reasonable cost" shall mean a
 15 document issued by the local housing agency that establishes that a
 16 property is eligible for rehabilitation program benefits and sets forth
 17 the certified reasonable cost of the eligible construction for which
 18 such benefits shall be received.
 19 (5) "Certified reasonable cost schedule" shall mean a table providing
 20 maximum dollar limits for specified alterations and improvements, estab-
 21 lished, and updated at least every two years, by the local housing agen-
 22 cy.
 23 (6) "Checklist" shall mean a document that the local housing agency
 24 issues requesting additional information or documentation that is neces-
 25 sary for further assessment of an application for a certificate of
 26 eligibility and reasonable cost where such application contained all
 27 information and documentation required at the initial filing.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD13158-11-6

 A. 10549 2

 1 (7) "Commencement date" shall mean, with respect to eligible
 2 construction, the date on which any physical operation undertaken for
 3 the purpose of performing such eligible construction lawfully begins.
 4 (8) "Completion date" shall mean, with respect to eligible
 5 construction, the date on which:
 6 (A) every physical operation undertaken for the purpose of all eligi-
 7 ble construction has concluded; and
 8 (B) all such eligible construction has been completed to a reasonable
 9 and customary standard that renders such eligible construction capable
 10 of use for the purpose for which such eligible construction was
 11 intended.
 12 (9) "Dwelling unit" shall mean any residential accommodation in a
 13 class A multiple dwelling that:
 14 (A) is arranged, designed, used or intended for use by one or more
 15 persons living together and maintaining a common household;
 16 (B) contains at least one room; and
 17 (C) contains within such accommodation lawful sanitary and kitchen
 18 facilities reserved for its occupants.
 19 (10) "Eligible building" shall mean an eligible rental building, an
 20 eligible homeownership building, or an eligible regulated homeownership
 21 building, provided that such building contains three or more dwelling
 22 units.
 23 (