Bill > S01462

This bill establishes a ground rent rebate program for eligible homeowners and renters in the Battery Park project area, specifically targeting residents with household incomes at or below 150% of the area median income. The bill defines "eligible homeowners" as those who occupy their primary residence in the project area and "eligible renters" as those living in quasi-rent stabilized units with income restrictions. The rebate program allows homeowners and renters to receive a rebate equal to the difference between their ground rent in the base year (2024 or the year preceding their eligibility) and the ground rent in the year they apply for the rebate. The bill also provides a mechanism for potential future eligibility, allowing applicants to receive proportional rebates or discounts if they are likely to become eligible in the following year. The New York State authority is required to develop application procedures within 180 days of the bill's effective date, including standards for reviewing applications, assessing eligibility, and processing payments. This legislation aims to provide financial relief to residents in the Battery Park project area by reducing their ground rent burden based on their income level.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S1462