New York

Multiple Dwellings Outside New York City Financed by NYS Housing Finance Agency

State: 

Year: 

Application Process: 
No application required
Geographic Requirements: 
Programs limited to designated geographic areas meeting specific criteria
Local Option in Adoption of Program: 
Local government must take action to opt in
Local Option Regarding Program Features : 
Yes
Description of Local Option Regarding Adoption or Program Features : 
Each city, town, and village in which the property is located may choose whether or not to allow the exemption. The option must be exercised through the adoption of local law.
Incentive Type: 
Exemption
Incentive Description: 
The exemption applies to general municipal taxes and school district taxes. Eligible property is exempt from taxation for up to 3 years of construction. The exemption is for 100% of relevant property taxes for years 1-3, 80% for years 4-6, 60% for years 7-9, 40% for years 10-12, and 20% for years 13-15. If the term of the mortgage is shorter than the construction period plus 15 years, the property is exempt only during the term of the mortgage.
Local Government Actions: 
Local Voter Approval
Local Legislative Body Approval
Eligible Property Type: 
Residential
Description of Eligible Property Type: 
Eligible property types include new or rehabilitated housing developments outside New York City that contain 5 or more residential units.
Geographic Area Criteria: 
Area Location
Description of Geographic Area Criteria: 
Property must be located outside New York City.
Record ID: 
NY025_ED19
Source State Statutes: 
N.Y. R.P.T Law § 421-d (in effect for 2019)
Source Publication: 
New York Department of Taxation and Finance, Exemption Administration Manual Part 2, Multiple Dwellings.
[http://www.tax.ny.gov/research/property/assess/manuals/vol4/pt2/sec4_07/sec421_d.htm Accessed 12/21/2020]
View Archived Source
Data Collection Notes: 
NOTE: Effective 7/23/2021 statute is repealed 6/26/2018 GM: statute makes no mention of eligibility requirement of 5 dwelling units. verify. 12/20/2014 PA vets 2013 record Link to index of exemption administration manual:http://www.orps.state.ny.us/assessor/manuals/vol4/part1/section2/sec2.01.htm 1) Removed "The scheduled expiration date for this exemption has been extended from June 30, 2009 to June 30, 2011" from type of incentive. This looks like a legislative change, but in checkpoint it does not label it as a legislative change, simply that this program is repealed in 2011. Repeal effective 6 June 2011. CS

Revision Type: 

Revision By: 
Camille
Revision Notes: 
12/21/20 MT verified 3/19/20 AG updated 12/16/19 YP verified 11/14/19 LA complete 6/26/18 GM: see dcn 9/18/17 nr: no new changes 12/2/16 nr: no new changes 3/24/15 ND: no new updates 5/7/14 GIR: copied 2012 record 6/24/14 GIR: checked, marked as complete 12/20/2014 PA vets 2013 record

Low-or Moderate-Income Housing Developed through Housing Trust Fund or Affordable Housing Development Program

State: 

Year: 

Application Process: 
No application required
Geographic Requirements: 
Programs limited to designated geographic areas meeting specific criteria
Local Option in Adoption of Program: 
Local government must take action to opt in
Local Option Regarding Program Features : 
Yes
Description of Local Option Regarding Adoption or Program Features : 
Each city, town, and village may choose whether or not to allow the exemption and whether to allow a full or partial exemption as authorized by state law. This option must be exercised through the adoption of local law.
Incentive Type: 
Exemption
Incentive Description: 
The incentive is an exemption for general municipal taxes and school district taxes. The exemption may be for up to 100% of relevant property taxes for the first 12 years and is then reduced to 80% for years 13 and 14, 60% for years 15 and 16, 40% for years 17 and 18, and 20% for years 19 and 20.
Eligibility Criteria: 
Incentives Restricted to Certain Industries or Uses
Description of Eligibility Criteria: 
In the case of a cooperative, condominium, or homestead developed under the Housing Trust Fund Program, the property must be owned by a person of low income. In the case of a cooperative, condominium, or one- to four-family dwelling developed under the Affordable Housing Development Program, the property must be owned by a person of low- or moderate-income.
Local Government Actions: 
Local Voter Approval
Local Legislative Body Approval
Eligible Property Type: 
Residential
Description of Eligible Property Type: 
Housing for low- to moderate-income families is eligible. These types include: (1) cooperatives and condominiums; (2) homesteads, defined as buildings that contain less than five dwelling units, have at least one owner-occupant, and are not owned as cooperatives or condominiums; or (3) rental buildings.
Geographic Area Criteria: 
Designated Period
Condition of the Built Environment
Neighborhood Social and Health Conditions
Description of Geographic Area Criteria: 
Property must be located in an area that is blighted, deteriorated, or deteriorating, or has a blighting effect on the surrounding area, or is in danger of becoming a slum or blighted area.
Record ID: 
NY024_ED19
Source State Statutes: 
N.Y. R.P.T Law § 421-e (in effect for 2019)
Source Publication: 
New York Department of Taxation and Finance, Exemption Administration Manual Part 2, Multiple Dwellings
[http://www.tax.ny.gov/research/property/assess/manuals/vol4/pt2/sec4_07/sec421_e.htm Accessed 12/21/2020]
View Archived Source

Revision Type: 

Revision By: 
Camille
Revision Notes: 
12/21/20 MT verified 3/19/20 AG updated 12/16/19 YP verified 11/14/19 LA complete 6/26/18 GM: see DCN 9/19/17 nr: no new changes 12/2/16 nr: no new changes 3/24/15 ND: no new updates 5/7/14 GIR: copied 2012 record 6/24/14 GIR: checked, marked as complete 12/20/2014 PA vets 2013 record

Multiple Dwellings in New York City Converted from Other Uses

State: 

Year: 

Application Process: 
No application required
Geographic Requirements: 
Programs limited to designated geographic areas meeting specific criteria
Local Option in Adoption of Program: 
Local government is unable to exercise an option
Local Option Regarding Program Features : 
No
Description of Local Option Regarding Adoption or Program Features : 
A developer must apply to the department of housing preservation and development for a certificate of eligibility. Once issued, the developer may receive the incentive.
Incentive Type: 
Exemption
Incentive Description: 
Property under construction is exempt for 1 year. Eligible multiple dwellings (except designated landmarks) are exempt for up to 100% of the increase in assessed value resulting from conversion for up to 8 years. Each year thereafter, the percentage will decrease by 20% up to year 12. For eligible multiple dwellings (designated landmarks), the exemption will total 100% of the increase in assessed value resulting from conversion value for up to 9 years with a 20% decrease each year thereafter up to year 13. Eligible multiple dwellings (except designated landmarks) are eligible for an abatement of 100% of the property's taxes in the first year of participation in the program for up to 10 years, with a decrease of 20% each year thereafter up to year 14. Eligible multiple dwellings (designated as landmarks) are eligible for an abatement of 100% of the property's taxes in the first year of participation in the program for up to 11 years, with a 20% decrease for each year thereafter up to year 15.
Eligibility Criteria: 
Incentives Restricted to Certain Industries or Uses
Description of Eligibility Criteria: 
Depending on the property type, eligibility criteria vary. Please see the statute for further detail.
Local Government Actions: 
No Actions
Eligible Property Type: 
Non Residential
Residential
Description of Eligible Property Type: 
Eligible properties are residential multiple dwellings converted from a non-residential building. Non-residential portions of the building may account for no more than 25% of the total aggregate floor area of the multiple dwelling. Property used as a hotel is not eligible.
Geographic Area Type: 
Business and Industry Specific Districts
Geographic Area Criteria: 
Area Location
Description of Geographic Area Criteria: 
Must be located in most of the areas in Manhattan south of Murray Street/City Hall/the Brooklyn Bridge.
Record ID: 
NY023_ED19
Source State Statutes: 
N.Y. R.P.T Law § 421-g (in effect for 2019)
Source Web Page: 
New York City Department of Finance, Annual Report on Tax Expenditure Fiscal Year 2019, pg 35
[https://www1.nyc.gov/assets/finance/downloads/pdf/reports/reports-tax-expenditure/ter_2019_final.pdf Accessed 12/21/2020]
View Archived Source
Footnote: 
All rental units of a property receiving the incentive become subject to rent stabilization for the duration of the benefits.
Data Collection Notes: 
12/20/2014 PA vets 2013 record Link to index of exemption administration manual: http://www.orps.state.ny.us/assessor/manuals/vol4/part1/section2/sec2.01.htm 1) Type of incentive was removed and replaced with what is currently in text box. This was what was removed: "Class A multiple dwellings which are converted from non-residential use and which are located in designated areas of lower Manhattan, are certified by the New York City Department of Housing and Preservation Development, and meet the minimum spatial requirements for conversion are partially exempt from taxation, but liable for special assessments. Such eligible projects also receive tax abatement benefits on the tax lots containing the eligible multiple dwelling (equal to a percentage of the tax that would have been due in the first year of the benefit period except for the abatement). Owners of multiple dwellings whose conversions meet reduced minimum spatial requirements for conversion may apply for partial exemption and abatement benefits. Extended exemption and abatement benefits are available for those buildings which were designated as historical landmarks before issuance of a permanent or temporary certificate of occupancy for the portion of the building converted to an eligible multiple dwelling." 2) Also removed what was in eligibility criteria as this was only a portion of one of the incentives. This is what was deleted: "The aggregate floor area (the sum of the gross areas of the floors of the building) of commercial, community facility, and accessory use space within the multiple dwelling does not exceed 25% of the total aggregate floor area of the multiple dwelling. The non-residential building, or portion of, which is being converted to a multiple dwelling must have a certificate of occupancy for commercial, manufacturing or other non-residential use for not less than 90% of the aggregate floor area of such building, or the portion of, which is being converted to a multiple dwelling." 3) Added as well as non-residential properties to eligible property types box. CS

Revision Type: 

Revision By: 
Camille
Revision Notes: 
12/21/20 MT verified 3/19/20 AG updated 12/16/19 YP verified 11/14/19 LA reviewed and completed 5/15/19 cc created 2018 record Needs to carefully reviewed 6/26/18 GM: completed record 9/19/17 nr: no new changes 12/2/16 nr: no new changes 3/24/15 ND: no new updates 5/7/14 GIR: copied 2012 record 6/24/14 GIR: checked, marked as complete 12/20/2014 PA vets 2013 record

Limited Dividend Housing Company

State: 

Year: 

Application Process: 
No application required
Enrollment Data: 
In 2009, 25 exemptions were provided worth $230.8 million.
Geographic Requirements: 
Programs available without regard to any designated geographic area
Local Option in Adoption of Program: 
Local government must take action to opt in
Local Option Regarding Program Features : 
Yes
Description of Local Option Regarding Adoption or Program Features : 
A county, city, town, or village may choose whether or not to grant the exemption and whether to allow, for each project, total or partial exemption of the amount authorized by state law.
Incentive Type: 
Exemption
Incentive Description: 
To the extent allowed by local option, improvements in a limited-dividend housing company project, which is used for low-income or moderate-income housing and was completed prior to January 1, 1939, are exempt from general municipal and school district taxes. The exemption applies to property improvements only; land value is not exempt. Also, any municipality in which projects of housing companies are located is authorized to exempt from local and municipal taxes in part or whole the value of the property for which an increase in assessed valuation in real property, land, and improvements, is acquired for the project at the time of its acquisition by the housing company. Such exemptions shall not extend to projects erected prior to 1 January 1939 nor to those erected after 1 January 1973 and prior to 1 January 1979. The property is liable for special ad valorem levies and special assessments.
Eligibility Criteria: 
Incentives Restricted to Certain Industries or Uses
Description of Eligibility Criteria: 
Project must provide housing for low-income or moderate-income persons or families.
Local Government Actions: 
Local Legislative Body Approval
Eligible Property Type: 
Residential
Description of Eligible Property Type: 
Low-income or moderate-income housing property is eligible.
Geographic Area Criteria: 
Designated Period
Description of Geographic Area Criteria: 
The exemptions last for up to 50 years.
Record ID: 
NY015_ED19
Source State Statutes: 
N.Y. P.H.F Law § 93(3) ~ § 93(5);
N.Y. P.H.F Law § 97;
N.Y. P.H.F Law § 556 (in effect for 2019)
Data Collection Notes: 
12/20/2014 PA vets 2013 record Link to index of exemption administration manual:http://www.orps.state.ny.us/assessor/manuals/vol4/part1/section2/sec2.01.htm 1) Merged NY018_ED08 and NY017_ED07 into this record. Because of variation in incentive, I used general language. Perhaps this needs to be discussed, but in order to merge various records, I find it difficult to them include all of the information for each program. 2) Updated source web page, source statutes. 3) Enrollment data provided by 2010 New York State Contact Survey. CS

Revision Type: 

Revision By: 
Camille
Revision Notes: 
12/21/20 MT verified 3/19/20 AG updated 11/12/19 LA complete 6/26/18 GM: updated record 9/19/17 nr: no new changes 12/2/16 nr: no new changes 3/24/15 ND: no new updates 5/7/14 GIR: copied 2012 record 6/24/14 GIR: checked, marked as complete 12/20/2014 PA vets 2013 record

Residential Subdivision Infrastructure

State: 

Year: 

Application Process: 
Only initial application required
Geographic Requirements: 
Programs limited to designated geographic areas meeting specific criteria
Local Option in Adoption of Program: 
Local government must take action to opt in
Local Option Regarding Program Features : 
Yes
Description of Local Option Regarding Adoption or Program Features : 
A county, city, town, village, or school district may, after holding a public hearing and adopting a local law or resolution, offer the exemption.
Incentive Type: 
Exemption
Incentive Description: 
Eligible property is exempt from taxation for the increased assessed value resulting from the addition of infrastructure but is liable for special ad valorem levies and special assessments. The exemption may be granted for no more than 3 years. The exemption shall be the value of the infrastructure improvements proportionately applied to each of the lots in the subdivision.
Eligibility Criteria: 
No Criteria
Local Government Actions: 
Local Public Hearing
Local Voter Approval
Local Legislative Body Approval
Eligible Property Type: 
Residential
Other
Description of Eligible Property Type: 
For purposes of this exemption, infrastructure is comprised of the following public facilities which are intended to be dedicated to the municipal corporation or a special district thereof: streets, storm and sanitary sewers, drainage facilities, and any other facilities required by the municipality to be installed in such residential subdivision as noted on the filed plat plan for such residential subdivision.
Geographic Area Type: 
Business and Industry Specific Districts
Geographic Area Criteria: 
Area Location
Other Conditions
Description of Geographic Area Criteria: 
Property must be located outside of New York City. Property must be located on residential building lots which are part of a subdivision plat for residential development which includes infrastructure intended to be dedicated to the municipal corporation or a special district.
Record ID: 
NY014_ED19
Source State Statutes: 
N.Y. R.P.T Law § 485-G (in effect for 2019)
Source Publication: 
New York Department of Taxation and Finance, Exemption Administration Manual Part 2, Multiple Dwellings.
[http://www.tax.ny.gov/research/property/assess/manuals/vol4/pt2/sec4_07/sec1106_h.htm# Accessed 12/21/2020]
View Archived Source
Data Collection Notes: 
12/20/2014 PA vets 2013 record Link to index of exemption administration manual:http://www.orps.state.ny.us/assessor/manuals/vol4/part1/section2/sec2.01.htm

Revision Type: 

Revision By: 
Camille
Revision Notes: 
12/21/20 MT verified 3/19/20 AG updated 12/16/19 YP verified 11/12/19 LA complete 6/26/18 GM: completed record 9/12/17 nr: no new changes 12/2/16 nr: no new changes 3/24/15 ND: no new updates 5/7/14 GIR: copied 2012 record 6/24/14 GIR: checked, marked as complete 12/20/2014 PA vets 2013 record

Low Income Turnkey/Enhanced Housing Trust Fund

State: 

Year: 

Application Process: 
No application required
Geographic Requirements: 
Programs available without regard to any designated geographic area
Local Option in Adoption of Program: 
Local government must take action to opt in
Local Option Regarding Program Features : 
Yes
Description of Local Option Regarding Adoption or Program Features : 
The legislative body of a city, town, or village may, by local law, provide the exemption to eligible businesses and may determine the percentage of the exemption.
Incentive Type: 
Exemption
Other
Incentive Description: 
Rental property owned by certain corporations and organizations and used for low-income housing is wholly or partially exempt from city, town, and village taxes levied on any increase in assessed value resulting from eligible improvements and eligible for an abatement of all or part of city, town, and village taxes due after the exemption is determined. In addition, eligible property, depending on the local option exercised, is exempt from town special ad valorem levies and city, town, and village special assessments.
Eligibility Criteria: 
Incentives Restricted to Certain Industries or Uses
Description of Eligibility Criteria: 
The property must be a vacant property that is converted or rehabilitated to residential rental use, a newly constructed rental project or projects, or a state-aided public housing project or projects where more than 30% of the units are vacant.
Local Government Actions: 
Local Voter Approval
Local Legislative Body Approval
Eligible Property Type: 
Residential
Description of Eligible Property Type: 
Low-income enhanced housing is eligible.
Geographic Area Criteria: 
Area Location
Description of Geographic Area Criteria: 
The exemption is only available for property included in a turnkey/enhanced rental project.
Record ID: 
NY013_ED19
Source State Statutes: 
N.Y. P.H.F Law § 1106-h (in effect for 2019)
Source Web Page: 
Exemption Administration Manual  Part 2 Multiple Dwellings, NYS Department of Taxation and Finance
[http://www.tax.ny.gov/research/property/assess/manuals/vol4/pt2/sec4_07/sec1106_h.htm# Accessed 12/21/2020]
View Archived Source
Data Collection Notes: 
12/20/2014 PA vets 2013 record Link to index of exemption administration manual:http://www.orps.state.ny.us/assessor/manuals/vol4/part1/section2/sec2.01.htm 1) Checked off residential for eligible property types. CS

Revision Type: 

Revision By: 
Camille
Revision Notes: 
12/21/20 MT verified 3/19/20 AG updated 12/16/19 YP verified 11/12/19 LA complete 6/26/18 GM: completed record 9/12/17 nr: no new changes 12/2/2016 nr: no new changes 3/20/15 ND: no new updates 5/7/14 GIR: copied 2012 record 6/24/14 GIR: checked, marked as complete 12/20/2014 PA vets 2013 record 12/2/2016 nr: no new changes

New York City Housing Development Corporation Subsidaries

State: 

Year: 

Application Process: 
No application required
Geographic Requirements: 
Programs limited to designated geographic areas meeting specific criteria
Local Option in Adoption of Program: 
Local government must take action to opt in
Local Option Regarding Program Features : 
Yes
Description of Local Option Regarding Adoption or Program Features : 
In the case of housing development fund companies and limited-profit housing companies, the City of New York may choose whether or not to allow an exemption for each project and whether to allow an exemption of all or part of the value authorized by state law. In addition, in the case of limited-profit housing companies, the city has the option to choose among alternative limits on the minimum amount of taxes to be paid.
Incentive Type: 
Exemption
Incentive Description: 
This exemption may apply to 3 types of City of New York Housing Development Corporation subsidiaries: Housing development fund company: if allowed by local option, real property owned by such a company that is used for low-income housing is wholly or partially exempt from taxation, but is liable for special assessments; Limited-profit housing company: if allowed by local option, real property owned by such a company that is used for low-income housing is partially exempt from taxation, but is liable for special assessments; and Housing company other than above: real property owned by such a company is wholly exempt from taxation, but is liable for special assessments. Exemption for this type of owner is not subject to local option.
Eligibility Criteria: 
No Criteria
Local Government Actions: 
Local Legislative Body Approval
Eligible Property Type: 
Residential
Description of Eligible Property Type: 
Eligible property must be owned by a housing development fund company, a limited-profit (Mitchell-Lama) housing company, or another type of housing company that is a subsidiary of the New York City Housing Development Corporation (such as the Housing Assistance Corporation or the Housing New York Corporation).
Geographic Area Type: 
Business and Industry Specific Districts
Geographic Area Criteria: 
Area Location
Description of Geographic Area Criteria: 
Program is limited to the City of New York.
Record ID: 
NY012_ED19
Source State Statutes: 
N.Y. P.H.F Law § 654-a ~ § 654-c;
N.Y. P.H.F Law §33(1)(a) (in effect 2019)
Source Web Page: 
NYC HDC website:
http://www.nychdc.com/
Source Publication: 
New York Department of Taxation and Finance, Exemption Administration Manual Part 2 Multiple Dwellings
[http://www.tax.ny.gov/research/property/assess/manuals/vol4/pt2/sec4_07/sec654_a.htm# Accessed 12/21/2020]
View Archived Source
Data Collection Notes: 
12/20/2014 PA vets 2013 record Link to index of exemption administration manual:http://www.orps.state.ny.us/assessor/manuals/vol4/part1/section2/sec2.01.htm 1) Incentives box was expanded to include more detail regarding exemptions. This was removed as it only described one exemption: "If allowed by local option, real property owned by such a company that is used for low-income housing is wholly or partially exempt from taxation, but is liable for special assessments". 2) Also removed eligibility criteria since it only captured part of the extensive details of the program and put in more general statement. This is what was removed: "if the property is owned by a housing development fund company organized under PHFL Article 11 and the Bsns Corp L, the housing project must be operated entirely on a co-op basis. If the property is owned by a limited-profit housing company organized on a co-op basis, at least 80% of the housing project must be used for co-op housing." 3) Removed what was in eligible property types: "Housing development fund company or limited-profit housing company" since these are only two of the housing companies that are eligible. 4) Added statute N.Y. P.H.F Law §33(1)(a) (in effect 2009). CS

Revision Type: 

Revision By: 
Camille
Revision Notes: 
12/21/20 MT verified 3/19/20 AG updated 12/16/19 YP verified 11/12/19 LA complete 6/26/18 GM: completed record 9/12/17 nr: no new chnages 12/2/16 nr: no new changes 3/20/15 ND: no new updates 5/7/14 GIR: copied 2012 record 6/24/14 GIR: checked, marked as complete 12/20/2014 PA vets 2013 record

Housing Development Fund Companies

State: 

Year: 

Application Process: 
No application required
Geographic Requirements: 
Programs available without regard to any designated geographic area
Local Option in Adoption of Program: 
Local government must take action to opt in
Local Option Regarding Program Features : 
Yes
Description of Local Option Regarding Adoption or Program Features : 
The local legislative body of a municipality in which a project of a housing development fund company is or will be located may offer an exemption. In New York City, the City Council must approve or to disapprove an application for exemption on property owned by a housing development funding company within 120 days of its submission. If no such action is taken in this period, such application submitted by the funding company to the City Council will be deemed approved. The municipality may choose whether to extend the exemption to such property when the housing development funding company or any previously described related entities have entered into a loan agreement with the municipality.
Incentive Type: 
Exemption
Incentive Description: 
Eligible property may be exempt from municipal and local property taxes, including school taxes, other than assessments for local improvements. The amount of this exemption and its duration is at the discretion of the issuing municipality. However, the exemption may not be longer than 40 years. Furthermore, real property that is owned or under the control of a housing development fund company which is a subsidiary of the NYS Urban Development Corporation (UDC) but is not organized on a not-for-profit basis, and is used for co-op low-income housing is partially exempt from taxation, but is liable for special ad valorem levies and special assessments. The exemption shall be from all local and municipal taxes, other than assessments for local improvements. The tax exemption shall operate and continue so long as the mortgage loans of such housing development fund company are outstanding, but in no event for a period of more than 40 years.
Eligibility Criteria: 
Incentives Restricted to Certain Industries or Uses
Description of Eligibility Criteria: 
Property must be used for low-income housing and owned by a housing development company.
Local Government Actions: 
Local Legislative Body Approval
Eligible Property Type: 
Residential
Other
Description of Eligible Property Type: 
Eligible property is part of a project of Housing Development Fund Companies.
Record ID: 
NY010_ED19
Source State Statutes: 
N.Y. P.H.F Law § 577 (in effect for 2019)
Source Web Page: 
http://www.nychdc.com/

Revision Type: 

Revision By: 
Camille
Revision Notes: 
12/21/20 MT verified 3/19/20 AG updated 12/16/19 YP verified 11/12/19 LA complete 6/26/18 GM: completed record 9/12/17 nr: no new changes 12/2/16 nr: no new changes 3/20/15 ND: no new updates 5/7/14 GIR: copied 2012 record 6/24/14 GIR: checked, marked as complete 12/20/2014 PA vets 2013 record

Municipal Owned Housing Projects

State: 

Year: 

Application Process: 
No application required
Geographic Requirements: 
Programs available without regard to any designated geographic area
Local Option in Adoption of Program: 
Local government must take action to opt in
Local Option Regarding Program Features : 
Yes
Description of Local Option Regarding Adoption or Program Features : 
Local option is authorized with respect to general municipal and school district taxes, but not special ad valorem levies or special assessments. The local legislative body of each county, city, town, village, and school district may choose whether or not to allow the exemption for each project and whether to allow the exemption of all or part of the value of the project.
Incentive Type: 
Exemption
Incentive Description: 
Eligible property is exempt from local and municipal property taxes to the extent determined by the local legislative body. Special levies and special assessments are not exempt.
Eligibility Criteria: 
Incentives Restricted to Certain Industries or Uses
Description of Eligibility Criteria: 
Eligible property must be used for housing for low-income, moderate-income, or middle-income persons.
Local Government Actions: 
Local Legislative Body Approval
Eligible Property Type: 
Residential
Description of Eligible Property Type: 
Municipally owned housing projects that are sold, leased, or acquired for not more than 99 years to a housing development fund company or a limited-profit (Mitchell-Lama) housing company are eligible.
Record ID: 
NY009_ED19
Source State Statutes: 
N.Y. P.H.F Law § 36-a(2) ~ § 36-a(4) (in effect for 2019)
Source Web Page: 
Exemption Administration Manual Part 2 Multiple Dwellings, NYS Department of Taxation and Finance
[http://www.tax.ny.gov/research/property/assess/manuals/vol4/pt2/sec4_07/sec36_a4.htm# Accessed 12/21/2020]
View Archived Source
Footnote: 
For property acquired by a municipality, the local legislative body does not make any determinations unless related to extending an already-existing exemption.

Revision Type: 

Revision By: 
Camille
Revision Notes: 
12/21/20 MT verified 3/19/20 AG updated 12/16/19 YP verified 11/11/19 LA complete 12/2/16 nr: no new changes 3/20/15 ND: no new updates 5/7/14 GIR: copied 2012 record 6/24/14 GIR: checked, marked as complete 12/20/2014 PA vets 2013 record

Limited-Profit Housing Company

State: 

Year: 

Application Process: 
No application required
Geographic Requirements: 
Programs available without regard to any designated geographic area
Local Option in Adoption of Program: 
Local government must take action to opt in
Local Option Regarding Program Features : 
Yes
Description of Local Option Regarding Adoption or Program Features : 
A local option is available for most programs within a Limited-Profit Housing Company. Please see the statute for further details regarding these variations.
Incentive Type: 
Exemption
Incentive Description: 
Depending on the program within the Limited-Profit Housing Company, a partial exemption from local and municipal taxes and school district taxes is allowed, but may not include special ad valorem levies and special assessments in most cases. Property sold or leased by a Limited-Profit Housing Company to a corporation shall remain exempt from taxes for as long as the corporation has outstanding capital loans. This exemption may last for up to 30 years. Please see the statute for further detail regarding these variations.
Eligibility Criteria: 
Incentives Restricted to Certain Industries or Uses
Description of Eligibility Criteria: 
Property must be used for low-income or middle-income housing.
Local Government Actions: 
Local Legislative Body Approval
Eligible Property Type: 
Residential
Description of Eligible Property Type: 
Property owned by a Limited-Profit Housing Company is eligible.
Record ID: 
NY008_ED19
Source State Statutes: 
N.Y. PVH Law § 33;
N.Y. Pub. Hous. Law § 58(3) (in effect for 2019)
Data Collection Notes: 
3/19/20 AG updated 12/20/2014 PA vets 2013 record 12/20/2014 PA vets 2013 record 6/24/4 GIR: change statute from N.Y. P.H.F Law § 33 to N.Y. PVH Law § 33 12/6/2013 GIR: http://www.tax.ny.gov/research/property/assess/manuals/vol4/pt2/sec4_07/sec411.htm http://www.tax.ny.gov/research/property/assess/manuals/assersmanual.htm Link to index of exemption administration manual:http://www.orps.state.ny.us/assessor/manuals/vol4/part1/section2/sec2.01.htm 1) Condensed statute list from all records to what is currently in text box. Removed" (1)(a) (in effect for 2009); N.Y. P.H.F Law § 33(1)(c) (in effect for 2009); N.Y. P.H.F Law §33(1)(d) (in effect for 2009); N.Y. P.H.F Law § 33(2) ~ § 33(3) (in effect for 2009); N.Y. P.H.F Law § 33(4) (in effect for 2009)". 2) Edited both incentive box and local option to read general statements. The variations are too detailed to include in one record, but since it was decided to merge these records together, this seemed like the smartest way to go out it. 3) Checked off residential and added general statement about description of eligible property types. 4) Also added word housing instead of individuals to sentence in eligibility criteria textbox. 5) Added documents to souce web page text box. CS

Revision Type: 

Revision By: 
Camille
Revision Notes: 
12/21/20 MT verified 12/16/19 YP verified 6/26/18 GM: completed record 11/17/17 nr: no new changes 12/2/16 nr: no new changes 12/18/15 ND: completed 5/7/14 GIR: copied 2012 record 6/24/14 GIR: checked, marked as complete 12/20/2014 PA vets 2013 record

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