Bill > S05790

This bill authorizes a city to provide a tax abatement of up to 70% of the certified reasonable cost of eligible construction, such as alterations and improvements, made to eligible multiple dwellings for the purpose of preserving habitability in affordable housing. The abatement is limited to 20 years and 8.33% of the total certified cost per year, with additional requirements for rental buildings to maintain affordable units and comply with rent regulation. The local housing agency is given authority to establish rules and regulations, review applications, and enforce compliance, including through penalties, termination of benefits, and appointment of a receiver. The bill aims to incentivize and support the preservation of affordable housing through rehabilitation of existing multiple dwelling buildings.

Government Affairs

https://www.nysenate.gov/legislation/bills/2023/S5790