Bill Text: NY A07986 | 2021-2022 | General Assembly | Introduced

New York Assembly Bill 7986 (Prior Session Legislation)

Introduced

Bill Title: Authorizes tax abatements for certain properties in a city with a population of one million or more containing dwelling units in which the head of household or successor in interest has a signed agreement with the landlord to limit increases in maximum rent for the lifetime of the tenancy to an amount established by the rent guidelines board in its annual guidelines for rent adjustments for housing and is otherwise eligible for such tax abatement.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-05-23 - substituted by s6903 [A07986 Detail]

Download: New_York-2021-A07986-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          7986

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                      June 4, 2021
                                       ___________

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

        AN ACT to amend the real property tax law, in  relation  to  authorizing
          tax abatements for certain properties containing dwelling units

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

     1    Section 1. Paragraph b of subdivision 1 of section 467-c of  the  real
     2  property  tax  law,  as  amended  by chapter 420 of the laws of 1991, is
     3  amended and a new subdivision 13 is added to read as follows:
     4    b. "Dwelling unit" means that part of a dwelling in which an  eligible
     5  head  of the household resides and which is subject to the provisions of
     6  either Article II, IV, V, or XI of the private housing  finance  law  or
     7  that  was  formerly  subject to the provisions of Article II of such law
     8  and meets the conditions set  forth  in  subdivision  thirteen  of  this
     9  section; or that part of a dwelling which was or continues to be subject
    10  to  a  mortgage  insured  or initially insured by the federal government
    11  pursuant to section two hundred thirteen of the National Housing Act, as
    12  amended, in which an eligible head of the household resides.
    13    13. In a city with a population of one million or more, any such local
    14  law, ordinance or resolution may provide for the abatement of  taxes  of
    15  such city imposed on real property formerly subject to the provisions of
    16  Article  II of the private housing finance law containing dwelling units
    17  that are subject to a regulatory agreement with  a  federal,  state,  or
    18  local  governmental  entity  or  instrumentality in which the qualifying
    19  head of household or their qualifying successor in interest: (a)  has  a
    20  signed  agreement  with  the landlord to limit increases in maximum rent
    21  for the lifetime of the tenancy to an amount  established  by  the  rent
    22  guidelines board in its annual guidelines for rent adjustments for hous-
    23  ing  accommodations  subject  to  the emergency tenant protection act of
    24  nineteen seventy-four or the administrative code of the city of New York
    25  or to another amount provided for in such regulatory agreement; and  (b)
    26  is otherwise eligible for such tax abatement.
    27    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11609-01-1