Bill > S04794

This bill makes several significant changes to tax exemption programs for housing development in New York City, primarily focusing on new multiple dwellings and private homes. The bill defines two new terms for construction periods: "Initial Construction Period" (the first three years of construction or when construction is completed, whichever is sooner) and "Extended Construction Period" (the additional time needed to complete construction, up to three years). It modifies existing tax exemption rules for multiple dwellings in cities with over one million residents, adjusting the timeline and conditions for tax benefits based on the type of housing development. The bill also introduces a new section creating a tax exemption program for newly constructed private homes, offering a graduated tax exemption over seven years for homes with up to three units, with specific purchase price limits. Additionally, the bill requires that any program allowing additional floor area in exchange for affordable housing must dedicate 30% of that extra floor area to affordable housing. The changes aim to incentivize new housing construction, particularly affordable housing, by providing tax benefits to developers and new homeowners while establishing clear guidelines for qualifying for these exemptions.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S4794