Bill > A00911

This bill authorizes a tax exemption and tax abatement program for alterations and improvements to multiple dwellings in affordable housing in order to preserve habitability. The key provisions are: - Eligible buildings include rental, homeownership, and regulated homeownership buildings with 3 or more dwelling units, subject to certain affordability and ownership criteria. - Eligible construction must meet a minimum scope of work threshold and be completed within 30 months. - Rental buildings can receive a 5-15% tax exemption for 10-15 years, with a gradually declining exemption in the final 5 years. - Eligible buildings can receive a tax abatement of up to 70% of the certified reasonable cost of the eligible construction, not to exceed 8.33% of the total cost annually for up to 20 years. - Rental buildings must have at least 50% affordable units and comply with rent regulation requirements during the 15-year restriction period. - The local housing agency is authorized to implement and enforce the program, including through investigations, penalties, and possible receivership for non-compliance.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2023/A911