NY A00439

Authorizes cities with populations of one million or more to adopt local laws providing partial real property tax abatements for owners who rent eligible units below fair market value to eligible households.

Defines eligible households as those with gross income not exceeding 80 percent of median income for their census tract, paying at least 30 percent of net income in rent, and residing in the same apartment for at least one year.

Provides abatement amounts equal to the lesser of total property taxes or 50-60 percent of the difference between fair market rent and actual rent charged, with an additional 3 percent annual increase for each consecutive year of continued below-market leasing.

Requires property owners to submit annual applications to the supervising agency (Department of Housing Preservation and Development in New York City) certifying unit and household eligibility, with authority to collect tenant income information and rent data.

Protects application information from public disclosure under the Public Officers Law and authorizes the supervising agency to deny or revoke abatements if owners materially misrepresent rent amounts primarily to obtain the tax benefit.