Authorizes a tax abatement for alterations and improvements to multiple dwellings for purposes of preserving habitability in affordable housing

This bill modifies New York State's real property tax law to allow property owners of affordable housing buildings to receive tax reductions for making specific repairs and improvements that maintain the habitability of their units. It directly affects owners of multi-unit rental buildings, condominiums, cooperatives, and mutual housing companies that meet certain income and affordability requirements. To qualify, buildings must have at least three units, and owners must obtain a certificate from their local housing agency confirming the project's eligibility and cost limits, with improvements needing to be completed within a thirty-month window. The tax abatement is tied to a certified reasonable cost schedule that sets maximum dollar limits for approved alterations, ensuring funds are used for essential maintenance rather than expansion.