Bill > S07888

This bill provides for an exemption from real property taxation of certain multiple dwellings in certain municipalities for affordable housing from commercial conversions. The key provisions include defining the eligible properties, affordability requirements, building service employee provisions, and application and enforcement processes. The bill establishes a 19-year benefit period with varying levels of exemption, and prohibits voluntary renunciation or termination of the benefits. Municipalities may opt to adopt a local law to provide for this exemption.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2023/S7888