Establishes a tax rebate program for rent-stabilized housing that targets buildings with individually occupied rent-stabilized apartments where the property tax burden significantly exceeds rental income.
This bill modifies property tax abatement rules to provide exemptions for households with a person with a disability. It sets specific income limits: $50,000 for general disability status, $29,000 for those receiving Social Security Disability Insurance (SSDI) or medical assistance, and federal SSI income thresholds for others. Households exceeding these limits lose eligibility for tax abatements. Municipalities with existing qualifying policies can continue using them without new legislation. (Note: The bill addresses property tax abatements, not rent increases, as clarified in the text.)
Relates to tax abatement for rent-controlled and rent regulated property occupied by and real property owned by senior citizens or persons with disabilities.
Enacts the "home mortgage bridge loan assistance act" to prevent avoidable home mortgage foreclosures by providing temporary bridge loan assistance; makes related provisions.
Enacts the housing development fund company fairness, preservation, and affordability act to clarify certain provisions relating to the dissolution and reincorporation of housing development fund companies; provides for tax exemptions and abatements for housing development fund companies.
Establishes a tax credit for rent paid on the personal residence of certain taxpayers who lease the taxpayer's primary residence during the taxable year and who pay rent with respect to such residence in excess of thirty percent of such taxpayer's gross income for such taxable year.
Establishes a rent increase exemption for certain nonprofit organizations; provides a tax abatement for limiting rent increases on nonprofit organizations in a city of one million or more persons.
This bill allows the city of Niagara Falls to add unpaid housing code violation penalties, costs, and fines to the city's annual property tax levy. It applies only to properties where violations were legally adjudicated by a court, remain unpaid for one year, and total at least 5% of the property's tax value. The bill excludes owner-occupied primary residences and requires the city to provide tenant relocation assistance if a rental property faces tax foreclosure due to unpaid violations. Property owners can still pay the debt directly, enter payment plans, or cure violations to avoid foreclosure. The city must notify property owners and follow specific notice and foreclosure procedures.
Prohibits or limits certain tax exemptions for real property in instances where a pattern or practice of discrimination against occupants has been found based on such occupants' lawful source of income.
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.
