Bill > A07987

This bill amends the Private Housing Finance Law to modify tax exemption provisions for certain housing projects, primarily focusing on reducing local and municipal taxes for projects in cities with a population of one million or more (which effectively means New York City). The bill allows for the possibility of reducing taxes on such housing projects to zero percent of annual shelter rent or carrying charges, with specific conditions. Local legislative bodies can consent to further tax reductions for projects outside of New York City, with any such tax reduction consent expiring every ten years and requiring renewal. The bill defines "shelter rent" as total rents received from occupants minus the cost of utilities. The tax exemption remains tied to the outstanding mortgage loans and continues as long as the project maintains its housing purposes. This change aims to potentially make housing projects more financially viable by significantly reducing their local tax burden, particularly in large cities like New York, while providing a mechanism for municipalities to have input through their consent process.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A7987