Digest: The Act would ease one of the rules for an existing limited equity co-op to be able to claim the low income rental housing tax break. (Flesch Readability Score: 60.0).
Removes the eligibility requirement for the low income rental housing property tax exemption that property of a limited equity cooperative be constructed or converted after the local governing body adopts the exemption program.
Takes effect on the 91st day following adjournment sine die.

Statutes affected:
Introduced: 307.520