Allows a real property tax exemption for dwelling units constructed for senior citizens or disabled persons receiving social security disability benefits.
Increases the maximum aggregate principal amount of the outstanding notes and bonds of the New York city housing development corporation from twenty billion dollars to twenty-two billion dollars.
This bill creates a real property tax exemption for the primary residences of surviving spouses of firefighters who died in the line of duty. It allows local governments and school districts to automatically exempt up to 50% of the assessed value of these homes from taxation, though they retain the option to reduce this percentage if they choose. The law defines eligible firefighters broadly to include paid members of various fire departments and extends the benefit to properties held in trust or by cooperative apartment corporations, while excluding certain types of housing. Additionally, the bill requires the state to develop and publish a list of documents that prove eligibility for this tax relief.
This bill creates a temporary task force within the Office of Mental Health to study how to help residents of community-based mental health housing programs age in place. The nine-member group will investigate barriers to care, propose policy changes to improve access to medical services, ensure housing compliance with disability laws, and develop training for staff. The task force must submit its findings and recommendations to the governor and legislature within twelve months, after which the bill and the group will automatically expire.
Requires timely public advertising or marketing of listed residential properties on platforms accessible to the general public; permits non-public marketing only where the seller gives informed, written direction after receiving a standardized state disclosure that clearly explains the risks and tradeoffs of withholding a listing from public marketing.
Requires timely public advertising or marketing of listed residential properties on platforms accessible to the general public; permits non-public marketing only where the seller gives informed, written direction after receiving a standardized state disclosure that clearly explains the risks and tradeoffs of withholding a listing from public marketing.
This bill allows low-income housing tax credits to be transferred multiple times between different owners or entities, rather than being limited to a single transfer. It directly affects taxpayers who own interests in low-income housing buildings and the entities that receive these tax credits. The key provision permits a transferee to pass the credit on to another person or entity, provided the transfer is properly documented and does not affect the project's eligibility for program benefits. The changes apply to tax credits allocated under the public housing law, regardless of whether the projects are under construction, completed, or in pre-development stages.
Relates to treatment of gains from qualified opportunity zones in calculating taxable income; removes exclusion of gains on property in qualified opportunity zones in calculation of income.
Directs empire state development, in conjunction with the office of general services, to create a plan to develop mixed-use commercial and residential property on a certain portion of the Harriman campus; directs such plan to be completed and made available for public comment no later than 180 days after the effective date; directs empire state development, in conjunction with the office of general services, to create a master plan for the redesign of the Harriman campus; directs that such plan be completed and made available for public comment no later than one year after the effective date.
New York's S 1157 establishes a state-run savings program to help first-time homebuyers save for purchasing their first primary residence in New York. The program creates tax-advantaged savings accounts managed by the state comptroller, allowing eligible residents to contribute funds that qualify for state income tax benefits under Section 612 of the tax law. To qualify, applicants must have no prior ownership of any home (including mobile homes claimed as personal property on tax returns) and must use funds exclusively for buying or building a home in New York to be used as their primary residence for at least two years. The bill outlines specific account rules, defines "first-time homebuyer," and specifies allowable expenses like purchase costs for houses, condos, or cooperative units within the state.
