Bill > S08170

This bill authorizes a tax abatement for alterations and improvements to multiple dwellings, specifically aimed at preserving habitability in affordable housing within cities of one million or more people. The abatement, which can last up to twenty years, is intended to cover a significant portion of the "certified reasonable cost" of eligible construction, defined as specific alterations and improvements that meet certain criteria and are completed between June 30, 2026, and June 30, 2036. To qualify, buildings must meet various definitions of "eligible building," including "eligible rental building" (which requires a certain percentage of units to be "affordable rental units" or subject to rent regulation), "eligible homeownership building," or "eligible regulated homeownership building." The bill outlines a detailed application process, including requirements for a "certificate of eligibility and reasonable cost" issued by a "local housing agency," which is a government entity responsible for overseeing housing programs. It also includes provisions to prevent tenant harassment, ensure units remain affordable, and penalize inaccurate applications, with a private right of action for tenants to enforce these provisions.

Budget and Finance, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S8170