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A10018 Actions:

BILL NOA10018
 
05/05/2016referred to aging
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A10018 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          10018
 
                   IN ASSEMBLY
 
                                       May 5, 2016
                                       ___________
 
        Introduced by M. of A. MOSLEY -- read once and referred to the Committee
          on Aging
 
        AN  ACT  to amend the real property tax law, in relation to the addition
          of preferential rent for senior citizens or persons with  disabilities
          rent increase exemptions
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Paragraph e of subdivision 1, subdivision 2 and  paragraphs
     2  c,  d,  and e of subdivision 3 of section 467-b of the real property tax
     3  law, paragraph e of subdivision 1 as amended by chapter 555 of the  laws
     4  of  1977,  subdivision  2 as amended by chapter 747 of the laws of 1985,
     5  paragraph (c) of subdivision 2 as added and subparagraph 3 of  paragraph
     6  d and subparagraph 3 of paragraph e of subdivision 3 as amended by chap-
     7  ter  553  of the laws of 2015, paragraphs c, d and e of subdivision 3 as
     8  amended by chapter 188 of the laws of  2005,  are  amended  to  read  as
     9  follows:
    10    e.  "Increase  in  maximum  rent, preferential rent or legal regulated
    11  rent" means any increase in the maximum rent, preferential rent  or  the
    12  legal  regulated  rent for the dwelling unit in question pursuant to the
    13  applicable rent control law, rent stabilization law or to the  emergency
    14  tenant  protection  act  of nineteen seventy-four, respectively, or such
    15  classes of increase thereunder as may be specified in a local law, ordi-
    16  nance or resolution enacted pursuant to this  section,  over  such  base
    17  period  rent as shall be provided therein or an exemption from the maxi-
    18  mum rent or legal regulated rent as specified in paragraph  c  or  d  of
    19  subdivision  three  of  this  section. Preferential rent for purposes of
    20  this section shall mean the same as paragraph fourteen of subdivision  c
    21  of section 26-511 of the administrative code of the city of New York;
    22    2.  The  governing body of any municipal corporation is hereby author-
    23  ized and empowered to adopt, after public hearing,  in  accordance  with
    24  the  provisions  of  this  section, a local law, ordinance or resolution
    25  providing for the abatement  of  taxes  of  said  municipal  corporation
    26  imposed on real property containing a dwelling unit as defined herein by
    27  one  of  the following amounts: (a) where the head of the household does
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14240-01-6

        A. 10018                            2
 
     1  not receive a monthly allowance  for  shelter  pursuant  to  the  social
     2  services law, an amount not in excess of that portion of any increase in
     3  maximum  rent,  preferential  rent  or legal regulated rent which causes
     4  such  maximum  rent, preferential rent or legal regulated rent to exceed
     5  one-third of the combined income of all members of the household; or
     6    (b) where the head of the household receives a monthly  allowance  for
     7  shelter  pursuant to the social services law, an amount not in excess of
     8  that portion of any increase in maximum rent, preferential rent or legal
     9  regulated rent which is not covered by the maximum allowance for shelter
    10  which such person is entitled to receive pursuant to the social services
    11  law.
    12    (c) Provided, however, that in a city of a population of  one  million
    13  or  more,  where  the head of household has been granted a rent increase
    14  exemption order that is in effect as  of  January  first,  two  thousand
    15  fifteen  or  takes effect on or before July first, two thousand fifteen,
    16  the amount determined by paragraph (a) of this subdivision shall  be  an
    17  amount not in excess of the difference between the maximum rent, prefer-
    18  ential  rent  or  legal  regulated rent and the amount specified in such
    19  order, as adjusted by any other provision of this section.
    20    c. upon issuance of a tax abatement certificate as provided in  subdi-
    21  vision  four  of  this section, the amount set forth in said certificate
    22  shall be deducted from the legal maximum rent, legal  preferential  rent
    23  or  legal regulated rent chargeable for a dwelling unit of a head of the
    24  household.
    25    d. notwithstanding any other provision of law,  when  a  head  of  the
    26  household  to  whom  a then current, valid tax abatement certificate has
    27  been issued moves his principal residence from one dwelling  unit  to  a
    28  subsequent  dwelling unit located within the same municipal corporation,
    29  the head of the household may apply  for  a  tax  abatement  certificate
    30  relating  to  the  subsequent  dwelling  unit,  and such certificate may
    31  provide that the head of the household shall be exempt from paying  that
    32  portion  of  the maximum rent, preferential rent or legal regulated rent
    33  for the subsequent dwelling unit which is the least of the following:
    34    (1) the amount by which the rent  for  the  subsequent  dwelling  unit
    35  exceeds  the  last rent, as reduced, which the head of the household was
    36  required to actually pay in the original dwelling unit;
    37    (2) the last amount deducted from the maximum rent, preferential  rent
    38  or  legal regulated rent pursuant to this section in the original dwell-
    39  ing unit; or
    40    (3) where the head of the household does not receive a monthly  allow-
    41  ance  for  shelter  pursuant  to  the social services law, the amount by
    42  which the maximum rent, preferential rent or legal regulated rent of the
    43  subsequent dwelling unit exceeds one-third of the combined income of all
    44  members of the household, except that this subparagraph shall not  apply
    45  to  a  head  of  the  household  who  has  been  granted a rent increase
    46  exemption order that is in effect as  of  January  first,  two  thousand
    47  fifteen or takes effect on or before July first, two thousand fifteen.
    48    e.  notwithstanding  any  other  provision  of law, when a head of the
    49  household to whom a then current, valid tax  abatement  certificate  has
    50  been issued moves his principal residence from one dwelling unit subject
    51  to  the  provisions  of  articles II, IV, V or XI of the private housing
    52  finance law to a subsequent dwelling unit subject to  either  the  local
    53  emergency housing rent control law or to the emergency tenant protection
    54  act  of nineteen seventy-four which is located within the same municipal
    55  corporation, the head of the household may apply  for  a  tax  abatement
    56  certificate  relating  to the subsequent dwelling unit, and such certif-

        A. 10018                            3
 
     1  icate may provide that the head of the household shall  be  exempt  from
     2  paying  that  portion  of  the  maximum rent, preferential rent or legal
     3  regulated rent for the subsequent dwelling unit which is  the  least  of
     4  the following:
     5    (1)  the  amount  by  which  the rent for the subsequent dwelling unit
     6  exceeds the last rent, as so reduced, which the head  of  the  household
     7  was required to actually pay in the original dwelling unit;
     8    (2)  the most recent amount so deducted from the maximum rent, prefer-
     9  ential rent or legal regulated rent in the original dwelling unit; or
    10    (3) where the head of the household does not receive a monthly  allow-
    11  ance  for  shelter  pursuant  to  the social services law, the amount by
    12  which the maximum rent, preferential rent or legal regulated rent of the
    13  subsequent dwelling unit exceeds one-third of the combined income of all
    14  members of the household, except that this subparagraph shall not  apply
    15  to  a  head  of  the  household  who  has  been  granted a rent increase
    16  exemption order that is in effect as  of  January  first,  two  thousand
    17  fifteen or takes effect on or before July first, two thousand fifteen.
    18    §  2.  Paragraph  e  of  subdivision  1, subdivision 2, paragraph c of
    19  subdivision 3, subdivision 4, subdivision 6 and subdivision 8 of section
    20  467-b of the real property tax law, as added by chapter 689 of the  laws
    21  of 1972, and subdivision 2 as amended by chapter 553 of the laws of 2015
    22  and  paragraph  c of subdivision 3 as amended by chapter 188 of the laws
    23  of 2005, are amended to read as follows:
    24    e. "Increase in preferential rent or maximum rent" means any  increase
    25  in  the preferential rent or maximum rent for the dwelling unit in ques-
    26  tion pursuant to the applicable rent stabilization or rent  control  law
    27  respectively, or such classes of increase thereunder as may be specified
    28  in  a  local  law,  ordinance  or  resolution  enacted  pursuant to this
    29  section, over such base period rent as shall be provided therein.  Pref-
    30  erential  rent for purposes of this section shall mean the same as para-
    31  graph fourteen of subdivision c of section 26-511 of the  administrative
    32  code of the city of New York;
    33    2.  The  governing body of any city, town or village is hereby author-
    34  ized and empowered to adopt, after public hearing,  in  accordance  with
    35  the  provisions  of  this  section, a local law, ordinance or resolution
    36  providing for the abatement  of  taxes  of  said  municipal  corporation
    37  imposed on real property containing a dwelling unit as defined herein by
    38  an  amount not in excess of that portion of any increase in preferential
    39  rent or maximum rent which causes such preferential rent or maximum rent
    40  to exceed one-third of the combined income of all members of the  house-
    41  hold, except that in a city of a population of one million or more where
    42  the  head  of  the  household has been granted a rent increase exemption
    43  order that is in effect as of January first,  two  thousand  fifteen  or
    44  takes  effect on or before July first, two thousand fifteen, such abate-
    45  ment of taxes shall be in an amount not  in  excess  of  the  difference
    46  between  the preferential rent, maximum rent or legal regulated rent and
    47  the amount specified in such order, as adjusted by any  other  provision
    48  of this section.
    49    c.  upon issuance of a tax abatement certificate as provided in subdi-
    50  vision four of this section, the amount of increase in  preferential  or
    51  maximum  rent  set  forth in said certificate shall be deducted from the
    52  legal preferential rent or maximum rent chargeable for a  dwelling  unit
    53  of a head of the household.
    54    4.  The  head of the household must apply each year to the appropriate
    55  rent control agency for a tax abatement certificate on a form prescribed
    56  by said agency. A tax abatement certificate setting forth an amount  not

        A. 10018                            4
 
     1  in  excess  of the increase in preferential rent or maximum rent for the
     2  taxable period shall be issued by said agency to each head of the house-
     3  hold who is found to be eligible under this section  on  or  before  the
     4  last  date  prescribed  by law for the payment of the taxes or the first
     5  installment thereof of any city, town or village which  has  granted  an
     6  abatement  of  taxes.  Copies of such certificate shall be issued to the
     7  owner of the real property containing the dwelling unit of the  head  of
     8  the  household  and  to  the collecting officer charged with the duty of
     9  collecting the taxes of each city, town or village which has granted the
    10  abatement of taxes authorized by this section.
    11    6. The portion of the increase in preferential or maximum rent for the
    12  taxable period set  forth  in  a  tax  abatement  certificate  shall  be
    13  deducted  from  the total taxes levied by or on behalf of the city, town
    14  or village which has granted such abatement on real property  containing
    15  the dwelling unit of a head of the household to whom the certificate has
    16  been issued. In the event that both a town and a village included there-
    17  in  grant  such  abatement, such deduction for properties located in the
    18  village shall be made first from taxes levied by or  on  behalf  of  the
    19  village and any excess thereof shall be deducted from town taxes.
    20    8.  Where a tax abatement certificate has been issued to a head of the
    21  household as authorized by a local law, ordinance or resolution  adopted
    22  pursuant  to  this  section  and  the  landlord  collects or attempts to
    23  collect the increase in the preferential rent  or  maximum  rent  for  a
    24  dwelling unit occupied by such head of the household, the amount of such
    25  abatement  shall  be  deemed a rent overcharge under the applicable rent
    26  stabilization or rent control law respectively.
    27    § 3. Paragraphs h and i of subdivision 1 and subdivisions 3, 5, 6,  7,
    28  and 8 of section 467-c of the real property tax law, as added by chapter
    29  208 of the laws of 1975, paragraph h of subdivision 1 and paragraph b of
    30  subdivision  3  as  amended and paragraph i of subdivision 1 as added by
    31  chapter 420 of the laws of 1991, subdivision 3 as amended by chapter 747
    32  of the laws of 1985, subparagraph 3 of paragraph a of subdivision  3  as
    33  added and subparagraph 3 of paragraph b of subdivision 3 and paragraph d
    34  of  subdivision  3  as amended by chapter 553 of the laws of 2015, para-
    35  graph c of subdivision 3 as added by chapter 17 of the laws of 1987  and
    36  subdivision 5 as amended by chapter 538 of the laws of 1976, are amended
    37  to read as follows:
    38    h.  "Increase in maximum rent or preferential rent" means any increase
    39  in the maximum rent or preferential rent for the dwelling unit  becoming
    40  effective  on  or  after the eligibility date, including capital assess-
    41  ments and voluntary capital contributions but excluding any increase  in
    42  maximum  rent  or  preferential  rent  attributable to gas or electrical
    43  utility charges or an increase in dwelling space, services or equipment,
    44  or an exemption from the maximum rent, preferential rent or legal  regu-
    45  lated  rent  as  specified  in  paragraph b of subdivision three of this
    46  section, provided, however, that with respect to any dwelling unit in  a
    47  dwelling  which  is  or  was  subject to a mortgage insured or initially
    48  insured by the federal government pursuant to section two hundred  thir-
    49  teen of the National Housing Act, as amended, "increase in maximum rent"
    50  shall  not  include any increase in maximum rent attributable to capital
    51  assessments or voluntary capital contributions.
    52    i. "Maximum rent or preferential rent" means the maximum rent or pref-
    53  erential rent, excluding gas and electric  utility  charges,  which  has
    54  been authorized or approved by the commissioner or the supervising agen-
    55  cy  or the legal regulated rent established for the dwelling unit pursu-
    56  ant to the provisions of either Article II, IV, V or XI of  the  private

        A. 10018                            5
 
     1  housing finance law, or the rental established for a cooperatively owned
     2  dwelling unit previously regulated pursuant to the provisions of Article
     3  II,  IV,  V  or  XI of the private housing finance law; or such approved
     4  rent  for a dwelling unit in a dwelling subject to a mortgage insured or
     5  initially insured by the federal  government  pursuant  to  section  two
     6  hundred  thirteen  of the National Housing Act, as amended; or such rent
     7  established for a dwelling unit which was subject to a mortgage  insured
     8  or  initially  insured by the federal government pursuant to section two
     9  hundred thirteen of the National Housing Act, as  amended.  Preferential
    10  rent for purposes of this section shall mean the same as paragraph four-
    11  teen  of  subdivision  c of section 26-511 of the administrative code of
    12  the city of New York.
    13    3. Any such local law or ordinance shall provide that: a. an  eligible
    14  head  of  the  household  may obtain a rent increase exemption order/tax
    15  abatement certificate entitling him to an exemption  from  increases  in
    16  the  maximum  rent  or preferential rent otherwise payable in one of the
    17  following amounts:
    18    (1) where the eligible head of the household does not receive a month-
    19  ly allowance for shelter pursuant to the social services law, the amount
    20  by which increases in the maximum rent or preferential  rent  subsequent
    21  to  such  person's eligibility date have resulted in the maximum rent or
    22  preferential rent exceeding one-third of  the  combined  income  of  all
    23  members of the household for the taxable period, except that in no event
    24  shall  a  rent increase exemption order/tax abatement certificate become
    25  effective prior to January first, nineteen hundred seventy-six; or
    26    (2) where the eligible head of the household receives a monthly allow-
    27  ance for shelter pursuant to the social  services  law,  an  amount  not
    28  exceeding  that  portion of any increase in maximum rent or preferential
    29  rent subsequent to such person's eligibility date which is  not  covered
    30  by  the  maximum  allowance for shelter which such person is entitled to
    31  receive pursuant to the social services law.
    32    (3) provided, however, that in a city of a population of  one  million
    33  or  more,  where  the  eligible head of the household has been granted a
    34  rent increase exemption order as a person with a disability  as  defined
    35  in  paragraph  m of subdivision one of this section that is in effect as
    36  of January first, two thousand fifteen or takes effect on or before July
    37  first, two thousand fifteen, the amount determined by  subparagraph  one
    38  of  this  paragraph  shall  be an amount not in excess of the difference
    39  between the maximum rent or preferential rent and the  amount  specified
    40  in such order, as adjusted by any other provision of this section.
    41    b.  notwithstanding  any  other  provision  of law, when a head of the
    42  household to whom a then current, valid tax  abatement  certificate  has
    43  been issued moves his principal residence from one dwelling unit subject
    44  to  this  section, to the local emergency housing rent control law or to
    45  the emergency tenant protection act of nineteen seventy-four to a subse-
    46  quent dwelling unit which is subject to the provisions of  articles  II,
    47  IV,  V  or  XI  of  the  private  housing finance law or which is or was
    48  subject to a mortgage  insured  or  initially  insured  by  the  federal
    49  government  pursuant  to  section  two  hundred thirteen of the National
    50  Housing Act, as amended, and which is located within the same  municipal
    51  corporation,  the  head  of  the household may apply for a tax abatement
    52  certificate relating to the subsequent dwelling  unit,  subject  to  any
    53  terms  and conditions imposed by reason of any fund created under subdi-
    54  vision eight of this section, and such certificate may provide that  the
    55  head  of  the  household shall be exempt from paying that portion of the

        A. 10018                            6
 
     1  maximum rent, preferential rent or legal regulated rent for  the  subse-
     2  quent dwelling unit which is the least of the following:
     3    (1)  the  amount  by  which  the rent for the subsequent dwelling unit
     4  exceeds the last rent, as so reduced, which the head  of  the  household
     5  was required to actually pay in the original dwelling unit;
     6    (2)  the most recent amount so deducted from the maximum rent, prefer-
     7  ential rent or legal regulated rent in the original dwelling unit; or
     8    (3) where the head of the household does not receive a monthly  allow-
     9  ance  for  shelter  pursuant  to  the social services law, the amount by
    10  which the maximum rent, preferential rent or legal regulated rent of the
    11  subsequent dwelling unit exceeds one-third of the combined income of all
    12  members of the household, except that this subparagraph shall not  apply
    13  to  a  head  of  the  household  who  has  been  granted a rent increase
    14  exemption order as a person with a disability as defined in paragraph  m
    15  of  subdivision  one  of  this  section  that is in effect as of January
    16  first, two thousand fifteen or takes effect on or before July first, two
    17  thousand fifteen.
    18    c. Notwithstanding any other provision of law, when  a  dwelling  unit
    19  subject  to  the  provisions  of  article II, IV, V or XI of the private
    20  housing finance law or  subject  to  a  mortgage  insured  or  initially
    21  insured  by the federal government pursuant to section two hundred thir-
    22  teen of the national housing act, as amended, is later  reclassified  by
    23  order  of  the commissioner, the supervising agency or any other govern-
    24  mental agency supervising such dwelling unit, or by operation of law  to
    25  a dwelling unit subject to any of the provisions of article II, IV, V or
    26  XI  of  the  private  housing finance law, the rent stabilization law of
    27  nineteen hundred sixty-nine of the city of New  York  or  the  emergency
    28  tenant  protection act of nineteen seventy-four, or when a dwelling unit
    29  subject  to  such  rent  stabilization  law  or  such  emergency  tenant
    30  protection  act, or subject to the emergency housing rent control law or
    31  to the rent and rehabilitation law of  the  city  of  New  York  enacted
    32  pursuant  to  the local emergency housing rent control act, is reclassi-
    33  fied by order of the commissioner or the supervising agency or by opera-
    34  tion of law to a dwelling unit subject  to  any  of  the  aforementioned
    35  provisions  of  the private housing finance law or subject to a mortgage
    36  insured or initially insured  by  the  federal  government  pursuant  to
    37  section  two hundred thirteen of the national housing act, as amended, a
    38  head of the household who held or holds a valid rent increase  exemption
    39  order  at  the  time  of  the  reclassification  shall  be issued a rent
    40  increase exemption order under applicable law  continuing  the  previous
    41  exemption notwithstanding the reclassification of the dwelling unit.
    42    d. notwithstanding any other provision of law to the contrary, where a
    43  eligible  head  of  the  household  holds a current, valid rent increase
    44  exemption order/tax abatement certificate and, after the effective  date
    45  of  this paragraph, there is a permanent decrease in income in an amount
    46  which exceeds twenty percent of  such  income  as  represented  in  such
    47  eligible  head  of  household's  last  approved  application  for a rent
    48  increase exemption order/tax abatement certificate or for renewal there-
    49  of, such eligible head of the household may apply for a  redetermination
    50  of  the amount set forth therein. Upon application, such amount shall be
    51  redetermined so as to re-establish the ratio of adjusted rent to  income
    52  which  existed  at  the  time  of  approval of such eligible head of the
    53  household's last application for a  rent  increase  exemption  order/tax
    54  abatement certificate or for renewal thereof; provided, however, that in
    55  no event shall the amount of the adjusted rent be redetermined to be (i)
    56  in  the case of an eligible head of the household who does not receive a

        A. 10018                            7
 
     1  monthly allowance for shelter pursuant to the social services law,  less
     2  than  one-third  of  income  unless  such head of the household has been
     3  granted a rent increase exemption order as a person with a disability as
     4  defined  in  paragraph  m  of subdivision one of this section that is in
     5  effect as of January first, two thousand fifteen or takes effect  on  or
     6  before  July  first,  two  thousand  fifteen;  or (ii) in the case of an
     7  eligible head of the household who  receives  a  monthly  allowance  for
     8  shelter  pursuant  to  the  social  services  law, less than the maximum
     9  allowance for shelter which such eligible head of the household is enti-
    10  tled to receive pursuant to law.  For  purposes  of  this  paragraph,  a
    11  decrease  in  income  shall not include any decrease in income resulting
    12  from the manner in which income is calculated pursuant to any  amendment
    13  to paragraph f of subdivision one of this section made on or after April
    14  first,  nineteen  hundred  eighty-seven. For purposes of this paragraph,
    15  "adjusted rent" shall mean maximum rent or preferential  rent  less  the
    16  amount  set  forth  in  a  rent  increase  exemption order/tax abatement
    17  certificate.
    18    5. Any such local law or ordinance may provide that the effective date
    19  of a rent increase exemption order/tax abatement  certificate  shall  be
    20  the  date  of  the  first  increase in maximum rent or preferential rent
    21  becoming effective after the applicant's eligibility date except that in
    22  no event shall a rent increase exemption order/tax abatement certificate
    23  become effective prior to January first, nineteen hundred seventy-six.
    24    6. Any such local law or ordinance may provide that upon receipt of  a
    25  copy of the rent increase exemption order/tax abatement certificate, the
    26  housing  company  managing the dwelling unit of the eligible head of the
    27  household shall promptly accord to the eligible head  of  the  household
    28  covered  by  such  order/certificate  the appropriate credit against the
    29  monthly maximum rent or preferential rent then or thereafter payable. To
    30  the extent the full amount of such credit has not been accorded for  any
    31  past period since the effective date specified in the order/certificate,
    32  the housing company shall credit the total aggregate amount not so cred-
    33  ited to the monthly maximum rent or preferential rent next payable or to
    34  such  subsequent  monthly  maximum  rents  as the supervising agency may
    35  authorize. It shall be illegal to collect any amount for  which  a  rent
    36  increase exemption order/tax abatement certificate provides credit or to
    37  withhold  credit  for any such amounts already collected, and collection
    38  or retention of any such amount for a dwelling  unit  occupied  by  such
    39  eligible  head  of  the household shall be deemed a rent overcharge, and
    40  upon conviction therefor the housing company and its directors  and  any
    41  employee  and any agent responsible therefor shall be guilty of a misde-
    42  meanor, punishable by a fine not  to  exceed  one  thousand  dollars  or
    43  imprisonment not to exceed six months, or both.
    44    7. Any such local law or ordinance may provide that in order to obtain
    45  the  tax  benefits to which it is entitled under this section, a housing
    46  company must file with the collecting officer charged with the  duty  of
    47  collecting  taxes  of the municipality a sworn application, in such form
    48  as such officer may prescribe, for any quarterly  period  in  which  the
    49  housing  company  has  accorded  an  eligible  head  of the household an
    50  exemption hereunder from the payment of the maximum rent or preferential
    51  rent. Subject to prior or subsequent verification thereof, the  collect-
    52  ing  officer  shall  credit the total amount of such exemptions actually
    53  accorded to occupants  of  dwelling  units  contained  in  the  property
    54  against  the  real  property taxes otherwise payable with respect to the
    55  property. The housing company shall attach to such application copies of
    56  all rent increase exemption orders/tax abatement certificates issued  to

        A. 10018                            8
 
     1  eligible  heads of the household residing in dwelling units in such real
     2  property.
     3    8.  Any such local law or ordinance may provide that in the event that
     4  the real property of a housing company containing one or  more  dwelling
     5  units  shall  be  totally  exempt from local and municipal real property
     6  taxes for any fiscal year as a result of  the  exemptions  from  maximum
     7  rent  or  preferential rent credited pursuant to this section, or other-
     8  wise, such municipality may make or contract to make payments to a hous-
     9  ing company in an amount not exceeding the amount necessary to reimburse
    10  the housing company for the total dollar amount of all  exemptions  from
    11  the  payment  of the maximum rent or preferential rent accorded pursuant
    12  to this section to eligible heads of the household residing in  dwelling
    13  units in such real property.
    14    A municipality may create and establish a fund in order to provide for
    15  the  payments made in accordance with contracts entered into pursuant to
    16  this subdivision. There may be paid into such fund (1) all of the rental
    17  surcharges collected by the municipality from housing  companies  organ-
    18  ized  and  existing pursuant to Articles II, IV, V and XI of the private
    19  housing finance law and (2) any moneys appropriated  or  otherwise  made
    20  available by the municipality for the purpose of such fund.
    21    §  4. This act shall take effect immediately; provided that the amend-
    22  ments to section 467-b of the real property tax law made by section  one
    23  of  this  act  shall  be subject to the expiration and reversion of such
    24  section pursuant to section 17 of chapter 576 of the laws  of  1974,  as
    25  amended,  when  upon such date the provisions of section two of this act
    26  shall take effect.
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