BILL NUMBER: S8647A
SPONSOR: MARTINS
 
TITLE OF BILL:
An act to amend the private housing finance law, in relation to author-
izing the granting of an additional real property tax exemption for
certain redevelopment company projects within the county of Nassau
 
PURPOSE OR GENERAL IDEA OF BILL:
Authorizes the granting of an additional real property tax exemption for
certain redevelopment company projects within the county of Nassau.
 
SUMMARY OF PROVISIONS:
Section 1. Subdivision 1 of section 125 of the private housing finance
law is amended by adding a new paragraph (a-5) to read as follows:(a-5)
Any inconsistent provision of law notwithstanding, including but not
limited to any limitation in paragraph(a)of this subdivision, the County
of Nassau, with respect to a project either: (i) acquired by a mutual
redevelopment company pursuant to section one hundred twenty-six of this
article; or (ii) owned and continuing to be owned by a mutual redevelop-
ment company and that is also classified as a cooperative housing asso-
ciation where there is a restriction that said housing must be occupied
by seniors with a minimum age of fifty-five as a condition to any
restrictive covenants of said cooperative housing association, which
would require substantial increases in carrying and/or maintenance
charges after the initial period of tax exemption is ended or is going
to require increases in the carrying charges and/or maintenance during
any such extended tax exemption pursuant to a present extension agree-
ment due to the reduction or elimination of the tax exemption provided
to the project immediately preceding the termination of the initial
twenty-five year period, unless relief is provided, may contract with
such mutual redevelopment company to:(i)extend such tax exemption for
not more than twenty-five additional years at the rate of the tax
exemption of such project immediately preceding the termination of the
initial twenty-five year period for all of the additional twenty-five
year period; or (ii) modify an existing extended tax exemption to
provide for such an extension.
 
JUSTIFICATION:
The Payment in Lieu of Taxes (P.I.L.O.T.) program for local senior hous-
ing developments provides much needed financial relief to senior citi-
zens, most of whom live on a fixed budget, allowing them to afford to
stay in their home by decreasing their tax burden.
 
PRIOR LEGISLATIVE HISTORY:
New bill
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None
 
EFFECTIVE DATE: This act shall take effect immediately.

Statutes affected:
S8647: 125 private housing finance law, 125(1) private housing finance law
S8647A: 125 private housing finance law, 125(1) private housing finance law