New York A 7523: Extends the tax rate reduction under the New York state real estate transfer tax and the New York city real property transfer tax for conveyances of real property

Bill Text

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A07523 Summary:

BILL NOA07523 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORFitzpatrick (MS)

&nbsp

COSPNSRTague

&nbsp

MLTSPNSRManktelow

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Amd §§1150, 1151, 1152 & 1153, Priv Hous Fin L

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Extends provisions relating to affordable housing development loans to all municipalities of the state of New York; assists private sector in development of residential housing.

Go to top A07523 Actions:

BILL NOA07523 

&nbsp

04/01/2025referred to housing

01/07/2026referred to housing

Go to topA07523 Committee&nbspVotes:

Go to topA07523 Floor&nbspVotes:

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

Go to topA07523 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7523

 2025-2026 Regular Sessions

 IN ASSEMBLY

 April 1, 2025
 ___________

 Introduced by M. of A. FITZPATRICK, TAGUE -- Multi-Sponsored by -- M. of
 A. MANKTELOW -- read once and referred to the Committee on Housing

 AN ACT to amend the private housing finance law, in relation to extend-
 ing provisions relating to affordable housing development loans to all
 municipalities of the state of New York

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

 1 Section 1. Section 1150 of the private housing finance law, as added
 2 by chapter 639 of the laws of 1989, is amended to read as follows:
 3 § 1150. Statement of legislative findings and purposes. It is hereby
 4 found and declared that there exists in [the city of] New York state a
 5 seriously inadequate supply of safe, sanitary and affordable dwelling
 6 accommodations for persons and families for whom the ordinary operations
 7 of private enterprise cannot provide such accommodations. The legisla-
 8 ture further finds and declares that [the city of New York] any munici-
 9 pality should be permitted to assist the private sector in the develop-
 10 ment of dwelling accommodations affordable to such persons through
 11 establishment of a program to provide monies to make the construction of
 12 dwelling accommodations more affordable. It is recognized that currently
 13 [the city of New York assists] municipalities assist the development of
 14 such housing accommodations through the provisions of articles fifteen
 15 and sixteen of the general municipal law which permit such assistance on
 16 [city-owned] municipally-owned sites which are sold to private develop-
 17 ers or non-profit groups for construction of housing. It is intended
 18 that [the city of New York] any municipality also be authorized to
 19 expend monies to assist housing development on sites which are not
 20 [city-owned] municipally-owned. Accordingly, the legislature enacts
 21 this article to provide such authorization and to encourage the develop-
 22 ment of additional affordable dwelling accommodations.
 23 § 2. Subdivisions 1, 6 and 9 of section 1151 of the private housing
 24 finance law, subdivisions 1 and 9 as added by chapter 639 of the laws of

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04087-01-5

 A. 7523 2

 1 1989 and subdivision 6 as amended by chapter 535 of the laws of 2023,
 2 are amended to read as follows:
 3 1. "Eligible site" shall mean any real property [in the city of New
 4 York] within a municipality which the supervising agency determines to
 5 be located in an area which is blighted or deteriorated or has a blight-
 6 ing influence on the surrounding area or is in danger of becoming a slum
 7 or blighted area because of neighborhood conditions indicating an
 8 inability or unwillingness of the private sector to invest in housing in
 9 such area.
 10 6. "Loan" shall mean a mortgage loan made by a private lender in
 11 participation with [the city of New York] a municipality to a sponsor
 12 for the purpose of construction of an eligible project including a loan
 13 in which the portion of the loan funded by the supervising agency is
 14 represented by a separate note and mortgage.
 15 9. ["Agency"] "Supervising agency" shall mean [the department of hous-
 16 ing preservation and development of the city of New York or any succes-
 17 sor thereto] any officer, board, commission, department, or other agency
 18 of the municipality, or the authority or any oth