Bill S 7285 expands the existing residential redevelopment inhibited property exemption. It allows all cities, towns, and villages in the state to offer a property tax exemption for redeveloped neglected or abandoned residential properties. The bill broadens eligibility to include one-to-four unit residences, not just one-family homes, and permits occupancy by either an owner or a tenant as their primary residence. This exemption reduces the increase in property taxes linked to the added value from demolition, alteration, rehabilitation, or remediation of these properties.
Provides for a partial exemption from taxation of certain residential real property transferred by a governmental entity, nonprofit housing organization, land bank or community land trust to low-income households; sets forth conditions for the discontinuance of such exemption.
Requires the division of housing and community renewal to calculate the period of rent reduction due to diminution of services from the date of actual diminution of the services.
Requires property owners to dedicate certain residential units to rent regulated status following demolition and new construction or substantial renovation.
This bill allows any town in New York with a 2020 census population between 69,000 and 69,500 to create a homestead exemption for real property taxes. It enables qualifying towns to offer an exemption similar to the existing STAR school tax relief program, capping the exemption at $50,000 in property value. Property owners must apply annually using a standard form, and the exemption applies only to eligible homes meeting the same criteria as STAR. This directly affects homeowners in qualifying towns by potentially reducing their local property tax burden.
This bill increases the New York State Housing Finance Agency's borrowing limit to $36.28 billion for housing-related bonds. It directly affects the agency and future housing finance programs, allowing it to issue more bonds to fund affordable housing developments, renovations, and related projects. The key provision raises the existing cap from $31 billion to $36.28 billion, expanding the agency's capacity to finance housing without changing the types of projects it supports. This is a straightforward funding authorization, not a new program or policy change.
This bill raises the New York State Housing Finance Agency's (HFA) borrowing limit for bonds from $31 billion to $36.28 billion. It directly affects the HFA by allowing it to issue more bonds for housing programs, including affordable housing, health facilities, and senior services projects. The increase applies to bonds issued for these purposes, excluding those used to refinance existing debt. This change enables the agency to expand housing financing without requiring new legislative approval for each project.
