This bill changes how property taxes are calculated for seniors and people with disabilities living in rent-controlled or rent-regulated housing. It allows their pension benefits (including Social Security, retirement payments, and disability benefits) to be counted as income for tax purposes, potentially lowering their property tax burden. The key mechanism revises income calculation rules to exclude gifts, inheritances, and certain pension increases tied to inflation, while including eligible benefits. To qualify, households must have an existing rent increase exemption order (granted before July 1, 2024) and the new calculation must show lower taxes than the previous method.
Relates to authorizing a reduction of taxes pursuant to shelter rent; provides that upon consent of the local legislative body in a city with a population of one million or more such taxes may be reduced to five per centum or less, including a full reduction of the annual shelter rent or carrying charges of a project.
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.
Requires out-of-state affordable housing owners to maintain an escrow account for the purpose of financing utility costs, property tax obligations, fire services, and regular maintenance costs for affordable housing rental units located in New York state.
Establishes the USDA construction tax credit for a percentage of the profit on any newly constructed home that is sold to someone qualifying with a USDA mortgage.
Requires out-of-state affordable housing owners to maintain an escrow account for the purpose of financing utility costs, property tax obligations, fire services, and regular maintenance costs for affordable housing rental units located in New York state.
Directs the commissioner of housing and community renewal to create and maintain a database of vacant residential housing units, and to create an affordable housing development program; imposes a tax on vacant residential housing units; creates an affordable housing development program fund.
Establishes an optional local tax exemption for affordable multi-family housing, to be implemented by cities, towns and villages based on recommendations developed by the division of housing and community renewal for each economic development region.
This bill allows cities with a population over one million to reduce property taxes on qualifying affordable housing projects to zero percent. For other cities, it permits local governments to set taxes to zero percent upon approval. The tax exemption requires annual consent from the local legislative body, expires every ten years, and reverts to a minimum 10% tax rate if not renewed. It applies to projects financed through limited-profit housing programs and remains in effect as long as the project's mortgage loans are outstanding.
Requires affordable housing units that are subject to the provisions of the Affordable New York Housing Program to be subject to rent stabilization at the end of the tax abatement and extended affordability period; provides that units subject to tax exemptions or abatements pursuant to other laws be subject to rent stabilization at the expiration of such tax exemptions or abatements.
