Relates to the reduction of taxes pursuant to shelter rent

This bill amends the private housing finance law to modify local tax exemptions for certain limited-profit housing projects. For these projects located in cities with a population of one million or more, it sets the maximum amount of local and municipal taxes to be paid at zero percent of the annual shelter rent or carrying charges. This effectively removes the previous minimum tax requirement tied to a percentage of shelter rent or 1973 tax levels for these projects. For projects in other municipalities, the local legislative body retains the ability to consent to similar tax reductions, with such consent requiring renewal every ten years.