Bill Text: NY S07560 | 2023-2024 | General Assembly | Introduced

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Bill Title: Extends certain provisions related to the affordable New York housing program.

Spectrum: Partisan Bill (Republican 4-0)

Status: (Introduced) 2024-01-03 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S07560 Detail]

Download: New_York-2023-S07560-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          7560

                               2023-2024 Regular Sessions

                    IN SENATE

                                      June 6, 2023
                                       ___________

        Introduced  by  Sen. PALUMBO -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules

        AN ACT to amend the real property tax  law,  in  relation  to  extending
          certain provisions related to the affordable New York housing program

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

     1    Section 1. Clause (A) of subparagraph (iv) of paragraph (a) of  subdi-
     2  vision  2  of  section 421-a of the real property tax law, as amended by
     3  section 63-a of part A of chapter 20 of the laws of 2015, is amended  to
     4  read as follows:
     5    (A)  Unless  excluded by local law, in the city of New York, the bene-
     6  fits of this subparagraph shall be available in the borough of Manhattan
     7  for new multiple dwellings on tax lots now existing or hereafter created
     8  south of or adjacent to either side of one  hundred  tenth  street  that
     9  commence  construction after July first, nineteen hundred ninety-two and
    10  on or  before  December  thirty-first,  two  thousand  [fifteen]  thirty
    11  provided,  however,  that  such  a  multiple dwelling receives its first
    12  temporary or permanent certificate of occupancy covering all residential
    13  areas on or before December thirty-first, two thousand [nineteen]  thir-
    14  ty-four,  and  solely  for  purposes  of determining whether this clause
    15  applies and notwithstanding any local law to  the  contrary,  "commence"
    16  shall  mean  the  date upon which excavation and construction of initial
    17  footings and foundations lawfully begins in good faith or, for an eligi-
    18  ble conversion, the date upon  which  the  actual  construction  of  the
    19  conversion,  alteration  or  improvement of the pre-existing building or
    20  structure lawfully begins in good faith, only if:
    21    a. the construction is carried out with the substantial assistance  of
    22  grants,  loans  or  subsidies from any federal, state or local agency or
    23  instrumentality, or

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11718-01-3
        S. 7560                             2

     1    b. the local housing agency has imposed a requirement or has certified
     2  that twenty percent of the units are affordable to families of  low  and
     3  moderate income.
     4    §  2.  Subparagraphs (i) and (ii) of paragraph (b) of subdivision 6 of
     5  section 421-a of the real property tax law, as amended by  section  63-j
     6  of  part  A  of  chapter  20 of the laws of 2015, are amended to read as
     7  follows:
     8    (i) not less than twenty percent of the units in the  covered  project
     9  are affordable to and occupied or available for occupancy by individuals
    10  or families whose incomes at the time of initial occupancy do not exceed
    11  eighty  percent of the area median incomes adjusted for family size, and
    12  at least one building in such covered project  that  contains  not  less
    13  than  twenty percent of its dwelling units meeting this affordable hous-
    14  ing requirement has a commencement date on or  before  December  thirty-
    15  first,  two  thousand  [fifteen] thirty and all of the buildings in such
    16  covered project that receive benefits pursuant to paragraph (f) of  this
    17  subdivision  have  a  completion  date  on or before June fifteenth, two
    18  thousand [twenty-five] forty; or
    19    (ii) not less than ten percent of the units in the covered project are
    20  affordable to and occupied or available for occupancy by individuals  or
    21  families  whose  incomes  at the time of initial occupancy do not exceed
    22  eighty percent of the area median incomes adjusted for family  size  and
    23  not  less than an additional fifteen percent of the units in the covered
    24  project are affordable to and occupied or  available  for  occupancy  by
    25  individuals  or  families whose incomes at the time of initial occupancy
    26  do not exceed one hundred twenty-five percent of the area median incomes
    27  adjusted for family size, and at least  one  building  in  such  covered
    28  project  that contains not less than twenty-five percent of its dwelling
    29  units meeting this affordable housing  requirement  has  a  commencement
    30  date  on  or before December thirty-first, two thousand [fifteen] thirty
    31  and all of the buildings in such covered project that  receive  benefits
    32  pursuant  to paragraph (f) of this subdivision have a completion date on
    33  or before June fifteenth, two thousand [twenty-five] forty.
    34    § 3. Subparagraph (xxviii) of  paragraph  (a)  of  subdivision  16  of
    35  section  421-a  of the real property tax law, as amended by section 3 of
    36  part TTT of chapter 59 of the laws  of  2017,  is  amended  to  read  as
    37  follows:
    38    (xxviii)  "Eligible  multiple dwelling" shall mean a multiple dwelling
    39  or homeownership project containing six or more dwelling  units  created
    40  through  new construction or eligible conversion for which the commence-
    41  ment date is after December thirty-first, two thousand [fifteen  and  on
    42  or before June fifteenth, two thousand twenty-two] thirty, and for which
    43  the  completion date is on or before June fifteenth, two thousand [twen-
    44  ty-six] forty.
    45    § 4. Paragraph (r) of subdivision 16 of  section  421-a  of  the  real
    46  property  tax  law, as amended by section 3 of part TTT of chapter 59 of
    47  the laws of 2017, is amended to read as follows:
    48    (r) Election. Notwithstanding anything  in  this  subdivision  to  the
    49  contrary,  a rental project or homeownership project with a commencement
    50  date on or before December thirty-first, two thousand  [fifteen]  thirty
    51  that  has  not  received  benefits pursuant to this section prior to the
    52  effective date of the chapter of the laws of two thousand  fifteen  that
    53  added  this  subdivision  may  elect to comply with this subdivision and
    54  receive Affordable New York Housing Program benefits  pursuant  to  this
    55  subdivision.
    56    § 5. This act shall take effect immediately.