|SAME AS||SAME AS A04314|
|Amd §420-c, RPT L|
|Exempts certain low income housing accommodations from local real property taxation in a city with a population of one million or more.|
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STATE OF NEW YORK ________________________________________________________________________ 7856 IN SENATE May 17, 2016 ___________ Introduced by Sen. AVELLA -- read twice and ordered printed, and when printed to be committed to the Committee on Cities AN ACT to amend the real property tax law, in relation to exemptions from local real property taxation of certain low income housing accom- modations in a city with a population of one million or more The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 1 of section 420-c of the real property tax 2 law, as amended by chapter 104 of the laws of 1999, is amended to read 3 as follows: 4 1. In a city having a population of one million or more, real property 5 owned by a corporation, partnership or limited liability company formed 6 for the purpose of providing housing accommodations for persons and 7 families of low income as defined in section two of the private housing 8 finance law and used for such purpose, shall be exempt from local real 9 property taxation, provided that such corporation, partnership or limit- 10 ed liability company: (a) is organized as a non-profit housing develop- 11 ment fund company pursuant to article eleven of the private housing 12 finance law and is not established or controlled by a for-profit entity, 13 or is a non-profit housing corporation as defined in article eleven of 14 the private housing finance law which is not incorporated as a housing 15 development fund company as defined in article eleven of the private 16 housing finance law and is not established or controlled by a for-profit 17 entity, or is a wholly-owned subsidiary of such a company or is a part- 18 nership or limited liability company the controlling interest of which 19 is held by such a company or corporation or by a wholly owned subsidiary 20 of such a company or by a corporation sponsored or formed by such a 21 company or corporation; and (b) has received a loan from a municipality, 22 the state or the housing trust fund corporation established pursuant to 23 section forty-five-a of the private housing finance law or any successor 24 corporation; and (c) enters into a regulatory agreement with the munici- 25 pality, the state or the housing trust fund corporation established 26 pursuant to section forty-five-a of the private housing finance law or 27 any successor corporation guaranteeing the provision of housing accommo- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02450-01-5S. 7856 2 1 dations for persons and families of low income; and (d) is a participant 2 in the federal low income housing tax credit program established pursu- 3 ant to section forty-two of the internal revenue code of nineteen 4 hundred eighty-six, as amended. Any exemption pursuant to this section 5 shall expire upon the expiration or termination of the regulatory agree- 6 ment. 7 § 2. Subparagraphs 4 and 5 of paragraph (a) of subdivision 4 of 8 section 420-c of the real property tax law, subparagraph 4 as added by 9 chapter 522 of the laws of 2004 and subparagraph 5 as amended by chapter 10 526 of the laws of 2004, are amended to read as follows: 11 (4) The term "charitable organization" shall mean (i) an entity, not 12 established or controlled by a for-profit entity, formed for purposes 13 that include providing housing accommodations for persons and families 14 of low income and that has received written recognition of exemption 15 pursuant to section 501(c)(3) or section 501(c)(4) of the internal 16 revenue code of nineteen hundred eighty-six, as amended, or any succes- 17 sor statute, from the United States Internal Revenue Service, or any 18 successor agency, or (ii) a corporation, partnership or limited liabil- 19 ity company wholly owned and wholly controlled by an entity, not estab- 20 lished or controlled by a for-profit entity, formed for purposes that 21 include providing housing accommodations for persons and families of low 22 income and that has received written recognition of exemption pursuant 23 to section 501(c)(3) or section 501(c)(4) of the internal revenue code 24 of nineteen hundred eighty-six, as amended, or any successor statute, 25 from the United States Internal Revenue Service, or any successor agen- 26 cy. 27 (5) The term "eligible entity" shall mean a corporation, partnership 28 or limited liability company at least [ fifty] fifty-one percent of the 29 controlling interest of which is held by a charitable organization. 30 § 3. This act shall take effect immediately and shall apply to all 31 projects approved on or after the date on which this act shall have 32 become a law.