NY S08369

Extends tax exemption period from 3 years to 6 years during construction for new multiple dwellings in cities with population over 1 million, but only for buildings with construction commenced between January 1, 2007 and June 30, 2009.

Extends post-construction exemption periods by 3 years for standard projects (10 to 13 years total) and by varying amounts for affordable housing projects (15 to 25 years total depending on project type).

Redefines "commencement of construction" to require installation of load-bearing metal/concrete structures, driven piles/caissons, or actual construction work on existing structures per Department of Buildings permits, rather than excavation or alteration on approved plans.

Changes filing fee requirement from optional to mandatory, with fees capped at 0.4% of total project cost or offering plan sell-out price, with authority to assess additional fees for defective applications.

Extends deadline for Manhattan projects under specific provisions from December 28, 2010 to December 28, 2014.