New York

Capital Investment in Multiple Dwellings for Certain Cities

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 : 
After a public hearing, the governing board of such city may adopt a local law that grants an exemption.
Incentive Type: 
Exemption
Incentive Description: 
The incentive is a partial exemption from city taxes. County taxes, school district taxes, county special ad valorem levies, and special assessments are not exempt. The amount of the exemption is limited to a percentage of the increase in assessed value attributable to the new construction, reconstruction, alteration, or improvement. The duration of the exemption is limited to 8 years. The amount of the exemption in the first year is 100% of the increase in the assessed value attributable to the construction. The exemption then decreases by 12.5% in each of the next seven years. New York City may reduce the percentages of the exemption.
Eligibility Criteria: 
Incentives Tied to Investment
Description of Eligibility Criteria: 
The cost of such construction, reconstruction, alteration, or improvement must exceed $15,000 per dwelling unit.
Local Government Actions: 
Local Public Hearing
Local Legislative Body Approval
Eligible Property Type: 
Residential
Description of Eligible Property Type: 
Multiple dwelling residential property is eligible.
Geographic Area Criteria: 
Population Levels or Trends
Description of Geographic Area Criteria: 
Property must be located in Lockport, Peekskill, Albany, Buffalo, Cohoes, Auburn, Newburgh, or Oneonta.
Record ID: 
NY038_ED20
Source State Statutes: 
N.Y. R.P.T Law § 421-j (in effect for 2020)
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_j.htm# Accessed 12/20/2021]
View Archived Source
Data Collection Notes: 
12/20/21 WP: newer source publication archived for 2021. https://www.lincolninst.edu/sites/default/files/gwipp/upload/sources/New%20York/2021/ny_exemption_administration_manual_multiple_dwellings_urban_renewal.pdf 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: 
12/20/21 WP verified 9/28/2021 VO complete 12/21/20 MT verified 3/26/19 AG updated 12/16/19 YP verified 11/15/19 LA complete 6/26/18 GM: completed record 5/7/14 GIR: copied 2012 record 6/25/14 GIR: checked, marked as complete 12/20/2014 PA vets 2013 record 3/25/15 ND: no new updates 12/2/16 nr: no new changes 9/18/17 nr: no new changes

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_ED20
Source State Statutes: 
N.Y. PVH Law § 33;
N.Y. Pub. Hous. Law § 58(3) (in effect for 2020)
Data Collection Notes: 
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: 
12/17/21 WP verified 9/28/21 VO complete 12/21/20 MT verified 3/19/20 AG updated 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

Banking Development Districts

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, and school district may, after holding a public hearing, adopt a local law, ordinance, or resolution, allowing the exemption within their taxing districts through a governing board of the municipal corporation. A local government, in conjunction with a bank, trust company, or national bank, may issue an application to the superintendent of banks for the designation of a Banking Development District. The designation of the Banking Development District is valid for 14 years. Before the designation expires, the superintendent has the authority to extend the designation for multiple 5 to 10 year periods.
Incentive Type: 
Exemption
Incentive Description: 
Any real property altered, constructed, installed, or improved for use as a branch of a bank may receive a 10-year exemption in an amount decreasing by 5% each year from an exemption of 50% of the exemption base (i.e. increase in assessed value attributable to the investment).
Eligibility Criteria: 
Incentives Restricted to Certain Industries or Uses
Incentives Tied to Investment
Description of Eligibility Criteria: 
Additional banking services would hold the potential for economic development in the district.
Local Government Actions: 
Local Public Hearing
Local Legislative Body Approval
Eligible Property Type: 
Commercial
Description of Eligible Property Type: 
Banking development districts are those areas in need of banking services. Eligible activities include real property altered, constructed, installed, or improved for use as a branch of a bank, trust company, or national bank in a designated banking development district.
Geographic Area Type: 
Business and Industry Specific Districts
Geographic Area Criteria: 
Area Location
Designated Period
Other Conditions
Description of Geographic Area Criteria: 
The area designated for this program must be within localities with a demonstrated need for banking services. The bank or thrift institution originating the application must be located in a community that either does not have a local bank or does not have a local bank branch with a sufficient deposit base to further the area's economic development activity. The maximum initial term will be 2 years (with optional one-year renewals; the renewal to be determined by the Banking Commission).
Record ID: 
NY003_ED20
Source State Statutes: 
N.Y. Bank. Law § 96-D;
N.Y. R.P.T Law § 485-F (in effect for 2020)
Source Publication: 
New York Banking Department 10 Years in: A Review of the Banking Development District Program (May 2010)
[http://www.dfs.ny.gov/banking/bddreview.pdf Accessed 09/12/2017]
View Archived Source
Footnote: 
The primary intent of the program is to expand bank branches to under-served areas. A bank or thrift institution, together with a local government entity, applies to the New York State Banking Department to have a specific geographical under-banked area designated a Banking Development District. Simultaneously, the bank or thrift institution may submit an application to the appropriate regulator to open a new branch in the BDD (the branch application process insures that the bank overall meets regulatory banking standards such as capital, asset base, management, earnings, and liquidity requirements).
Data Collection Notes: 
Legislative changes -- New york laws 2019 ch. 629 Section 1 (SB 727) -- changes effective 12/12/19

Revision Type: 

Revision By: 
Camille
Revision Notes: 
12/17/21 WP verified 9/28/21 VO complete 12/21/20 MT verified 3/18/20 AG updated 12/16/19 YP verified 11/8/19 LA complete 6/26/18 GM: completed record 9/12/17 nr: no new changes 12/2/16 nr: no new changes 3/19/15 ND: no new updates 5/7/14 GIR: copied 2012 record 6/23/14 GIR: checked, uploaded source webpg, marked as complete 12/20/2014 PA vets 2013 record

New York Industrial Development Agency Programs

State: 

Year: 

Application Process: 
No application required
Geographic Requirements: 
Programs available without regard to any designated geographic area
Local Option in Adoption of Program: 
Other
Local Option Regarding Program Features : 
Yes
Description of Local Option Regarding Adoption or Program Features : 
Several local governments throughout New York have Industrial Development Agencies. Industrial development agencies are established by a special act of the state legislature and subsequent filing by the governing body of the municipality for whose benefit such agency is established.
Incentive Type: 
Other
Incentive Description: 
Real property owned by an Industrial Development Agency (IDA) is exempt from taxation. A PILOT may be agreed between the IDA and affected taxing jurisdiction. The agency is eligible to provide grants to small businesses and non-profits to support their purchases of personal protective equipment and the installation of fixtures necessary to curb the spread of COVID-19. The act permitting these grants expires 31 December 2021. Any industrial development agency may administer a state disaster emergency loan program to provide loans to small businesses or small not-for-profit corporation that was financially viable entity prior to the state disaster emergency and was negatively effected by the state disaster emergency. The act permitting these loans expires 31 December 2021.
Eligibility Criteria: 
No Criteria
Local Government Actions: 
No Actions
Eligible Property Type: 
Property Type Not Specified
Record ID: 
NY044_ED20
Source State Statutes: 
NY CLS Gen Mun Art 18-A, § 850 ~ § 928 (in effect 2020)
Source Publication: 
New York Department of Taxation and Finance, Industrial Development Agencies and Authorities,
[https://www.tax.ny.gov/bus/st/ida.htm Accessed 10/17/2021]
View Archived Source
Source Additional: 
2020 N.Y. Laws c. 109 § 1
2020 N.Y. Laws c. 109 § 2
Footnote: 
Effective 17 June 2020, the agency is eligible to provide grants to small businesses and non-profits to support their purchases of personal protective equipment and the installation of fixtures necessary to curb the spread of COVID-19. This was enacted by 2020 N.Y. Laws c. 109 § 1. Effective 17 June 2020, any industrial development agency may administer a state disaster emergency loan program to provide loans to small businesses or small not-for-profit corporation that was financially viable entity prior to the state disaster emergency and was negatively effected by the state disaster emergency. This was enacted by 2020 N.Y. Laws c. 109 § 2. Industrial Development Agencies may also be exempt from sales and use taxes.
Data Collection Notes: 
10/17/2021 VO: 2020 N.Y. Laws c. 109 §§ 1-2 will expire on 12/31/2021. 12/20/2014 PA vets 2013 record 4/14/14: added to desc of local option: Industrial development agencies are established by special act of the legislature and subsequent filing by the governing body of the municipality for whose benefit such agency is established. [see GMU § 856] 09/04/12- ES- Per CC, this was added because there are all types of individual programs that do not have specific statutory authorization, but fall within the auspices of the IDA. Therefore, it was decided to make a general entry.

Revision Type: 

Revision Notes: 
12/20/21 WP verified 10/17/21 VO complete 12/21/20 MT verified 3/26/20 AG updated 12/16/19 YP verified 11/15/19 LA complete 7/9/18 GM: CAT03 09/04/12- ES- New entry 12/6/2013 GIR: checked, marked as complete 12/17/2013 PA verified 2012 record 4/14/14 GIR: copied 2012 record, added to desc of local option 6/25/14 GIR: checked, marked as complete 12/20/2014 PA vets 2013 record

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_ED20
Source State Statutes: 
N.Y. P.H.F Law § 654-a ~ § 654-c;
N.Y. P.H.F Law §33(1)(a) (in effect 2020)
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 12/17/2021]
View Archived Source
Data Collection Notes: 
12/17/21 WP: newer source publication archived for 2021. https://www.lincolninst.edu/sites/default/files/gwipp/upload/sources/New%20York/2021/ny_exemption_administration_manual_multiple_dwellings_urban_renewal.pdf 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: 
12/17/21 WP verified 10/4/21 VO complete 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

New Multiple Dwellings outside New York City

State: 

Year: 

Application Process: 
Initial application and annual verification 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 city, town, or village which has declared an emergency in accordance with the Emergency Tenant Protection Act and in which the eligible property is located may choose whether or not to allow the exemption. The option must be exercised through the adoption of a resolution.
Incentive Type: 
Exemption
Incentive Description: 
The exemption applies to general municipal taxes and school district taxes. The exemption is for 100% of relevant property taxes during construction and for years 1 and 2, 80% for years 3 and 4, 60% for years 5 and 6, 40% for years 7 and 8, and 20% for years 9 and 10.
Eligibility Criteria: 
Incentives Restricted to Certain Industries or Uses
Description of Eligibility Criteria: 
The initial regulated rents charged upon initial occupancy must be at least 15% less than the rents prevailing for comparable newly constructed residential units in the same area or any comparable area.
Local Government Actions: 
Local Legislative Body Approval
Eligible Property Type: 
Residential
Description of Eligible Property Type: 
New multiple dwelling outside New York City are eligible.
Geographic Area Criteria: 
Area Location
Condition of the Built Environment
Description of Geographic Area Criteria: 
Construction must take place on land that is vacant, predominantly vacant, underutilized, or improved with a nonconforming use.
Record ID: 
NY027_ED20
Source State Statutes: 
N.Y. R.P.T Law § 421-C (in effect for 2020)
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_c.htm# Accessed 12/20/2021]
View Archived Source
Data Collection Notes: 
12/20/21 WP: newer source publication archived for 2021. https://www.lincolninst.edu/sites/default/files/gwipp/upload/sources/New%20York/2021/ny_exemption_administration_manual_multiple_dwellings_urban_renewal.pdf 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 section from incentive box as it did not belong:"provided that the property is not exempt from taxation under any other law, construction takes place on land that is vacant, predominantly vacant, underutilized, or improved with a nonconforming use, and the initial regulated rents charged upon initial occupancy are at least 15% less than the rents prevailing for comparable newly constructed residential units in the same area or any comparable area." 2) Added following sentence to eligibility criteria text box: "Furthermore, the initial regulated rents charged upon initial occupancy are at least 15% less than the rents prevailing for comparable newly constructed residential units in the same area or any comparable area." 3) Added "New multiple dwelling outside New York City are eligible" to eligible property types and checked off residential. CS

Revision Type: 

Revision By: 
Camille
Revision Notes: 
12/20/21 WP verified 10/9/21 VO complete 12/21/20 MT verified 3/19/20 AG updated 12/16/19 YP verified 11/14/19 LA complete 6/26/18 GM: completed record 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

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_ED20
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 2020)
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: 
12/17/21 WP verified 9/24/21 VO complete 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

Business Investment Exemption

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 : 
The government of a county, city, town, village, or certain school districts may establish an industrial and commercial incentive board. The board may then present to the local governing body a plan that recommends eligible property types and the exemption scheme. The government of a county, city, town, village, or certain school districts may, by resolution or law, reduce the amount of the incentive or restrict the type of eligible property. School districts in cities of more than 125,000 inhabitants may not provide the incentive.
Incentive Type: 
Exemption
Incentive Description: 
The incentive is an exemption for 10 years of the increased value of real property due to investment. The exemption is 50% in the first year and decreases by 5% each year. Local governments may choose an alternative exemption schedule as follows: 50% for years 1, 2, and 3; 40%, 30%, and 20% in years 4, 5, and 6; 10% in years 7, 8, and 9; and 5% in year 10.
Eligibility Criteria: 
Incentives Restricted to Certain Industries or Uses
Incentives Tied to Investment
Description of Eligibility Criteria: 
The cost of construction, alteration, installation, or improvement must exceed $10,000 dollars. Local law or resolution may specify a higher investment amount.
Local Government Actions: 
Local Legislative Body Approval
Eligible Property Type: 
Commercial
Industrial
Description of Eligible Property Type: 
Real property constructed, altered, installed, or improved for the purpose of commercial, business or industrial activity is an eligible property type. Furthermore, eligible real property is primarily used for buying, selling, storing, or developing goods or services, the manufacture or assembly of goods, or the processing of raw materials.
Geographic Area Criteria: 
Population Levels or Trends
Description of Geographic Area Criteria: 
This program shall not apply to a city of one million or more persons.
Record ID: 
NY006_ED20
Source State Statutes: 
N.Y. R.P.T Law § 485-B (in effect for 2020)

Revision Type: 

Revision By: 
Camille
Revision Notes: 
12/17/21 WP verified 9/28/21 VO complete 12/21/20 MT verified 3/19/20 AG updated 12/16/19 YP verified 11/11/19 LA complete 6/26/18 GM: completed record 9/12/17 nr:no new changes 12/2/16 nr: no new changes 3/19/15 ND: no new updates 5/7/14 GIR: copied 2012 record 6/23/14 GIR: checked, marked as complete 12/20/2014 PA vets 2013 record

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_ED20
Source State Statutes: 
N.Y. R.P.T Law § 421-d (in effect for 2020)
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 12/20/2021]
View Archived Source
Data Collection Notes: 
12/20/21 WP: newer source publication archived for 2021. https://www.lincolninst.edu/sites/default/files/gwipp/upload/sources/New%20York/2021/ny_exemption_administration_manual_multiple_dwellings_urban_renewal.pdf 10/4/2021 VO: NOTE: Effective 7/23/2023 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: 
12/20/21 WP verified 10/4/21 VO complete 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

Empire Zones

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 : 
The Empire Zone program was replaced with the Excelsior Jobs Program. The Empire Zone program is closed to new entrants. Empire Zones are designated by the state Empire Zones Designation Board. A local law authorizing the municipal corporation to prepare and submit an application must be adopted prior to the submission of the application to the Commissioner of Economic Development for designation of an empire zone. Counties may apply for the designation of an area within a municipality as an empire zone provided they follow certain requirements detailed in the statute. Public hearings shall be held to determine areas considered empire zones. The local empire zone certification officer shall certify, in conjunction with the Commissioner of Economic Development and the Commissioner of Labor, those business enterprises as eligible to receive benefits.
Incentive Type: 
Exemption
Incentive Description: 
The exemption may be granted for up to 10 years. For exemptions that commence in the first 7 years, the amount of the exemption in any of these years will be 100% of the "base amount" (increase in assessed value attributable to the development) reducing to 75% in the 8th year, 50% in the 9th year and 25% in the 10th year. Municipalities have the option to offer the exemption for a fixed 10-year term. If, however, the taxing jurisdiction ties the terms of the exemption to the life of the zone, the amount of the exemption is 100% of the base amount in the first 7 years, reduced to 75% in the 8th year, 50% in the 9th year, and 25% in the 10th year. Qualified empire zone enterprises are allowed a refundable credit against a business or income tax equal to a percentage of real property taxes paid in the zone.
Eligibility Criteria: 
Incentives Restricted to Certain Industries or Uses
Incentives Tied to Increasing Jobs or Wages
Description of Eligibility Criteria: 
The plan must demonstrate the potential of the area to attract private investment that will provide employment to persons in the area who are unemployed or economically disadvantaged, as well as demonstrate substantial public and private commitments to a long-term economic revitalization program with local capacity to manage such a program.
Local Government Actions: 
Local Public Hearing
Local Legislative Body Approval
Eligible Property Type: 
Commercial
Industrial
Description of Eligible Property Type: 
Eligible property types are lands and areas utilized for the development and redevelopment of commercial and industrial property in areas of chronic and severe economic distress.
Geographic Area Type: 
Enterprise Zones
Geographic Area Criteria: 
Area Size
Designated Period
Condition of the Built Environment
Population Levels or Trends
Income and Employment Conditions
Description of Geographic Area Criteria: 
Each zone shall not exceed 2 square miles. Each zone should have a poverty rate of at least 20% for the year to which the data relate; an unemployment rate of at least 1.25 times the statewide unemployment rate for the year to which the data relate; and a population of at least 2,000. An area must be characterized by pervasive poverty, high unemployment, and general economic distress, must correspond to traditional neighborhood or community boundaries, and where appropriate, be bounded by major natural or man-made physical boundaries, such as bodies of water, railroad lines, or limited access highways. If such area is governed by zoning laws or other laws or regulations governing land use, such laws or regulations must allow at least 25% of such area to be used for commercial or industrial activity; at least 25% of the total land within such area must be vacant, abandoned or otherwise available for industrial or commercial development or redevelopment. The zones shall be equally distributed between urban, suburban, and rural areas.
Record ID: 
NY001_ED20
Source State Statutes: 
N.Y. G.M.U. § 18-B;
N.Y. G.M.U. § 958 ~ § 969;
N.Y. R.P.T Law § 485-e (in effect for 2020)
Footnote: 
The Empire Zone program was replaced with the Excelsior Jobs Program. The Empire Zone program is closed to new entrants.
Data Collection Notes: 
12/20/2014 PA vets 2013 record 6/23/14 GIR: revise FN1 (old: Effective 1 July 2010, Senate Bill 6609-B will replace the empire zone with the Excelsior Jobs Program Act. ) Link to instructions to filling out the application: http://www.orps.state.ny.us/ref/forms/pdf/rp485ein.pdf 1) Fixed link and FTP in source web page 2) Enrollment data provided by 2010 New York State Contact Survey. 3) Removed entire contents of what was in eligibility criteria - most of this information went in geographic area criteria (and is already reflected there) and the rest I could not verify: "At the time of application, the area must have an unemployment rate equal to or exceeding the unemployment rate of the state of New York; a rate of poverty for individuals of at least 20%; a number of households receiving public assistance of 14% or more; the municipality is considered a non-metropolitan area; and there is no other empire zone in the county in which designation is sought." What is currently in this text box is new information. 4) Added sentence to description of local option: "Counties may apply for designation of an area within a municipality as an empire zone provided they follow certain requirements detailed in statute." 5) Changed date in description of geographic area to 29 June 2010 for period of empire zone. Footnote 1 captures this, although I am not sure if this should go in a footnote. The original date of 2011 was not found in statute. A record in 2010 will be created for the continuation of this program through June 2010 and the creation of the new excelsior program. CS

Revision Type: 

Revision By: 
Camille
Revision Notes: 
12/17/21 WP verified 9/24/21 VO complete 12/21/20 MT verified 3/19/20 AG updated 12/16/19 YP verified 7/9/18 GM: completed record 12/19/16 aa: set to Not Active 12/2/16 nr: no new changes 3/19/15 ND: no new updates 5/7/14 GIR: copied 2012 record 6/23/14 GIR: checked, marked as complete 12/20/2014 PA vets 2013 record

Pages
Subscribe to RSS - New York

Join Our Mailing List

Back to top