NY A09498

Amends the Private Housing Finance Law to allow municipalities to grant an additional tax exemption period to redevelopment company projects after their initial exemption expires.

Additional exemption period may last up to 50 years or until the project is no longer operated under the required restrictions, whichever is sooner.

During the additional exemption period, redevelopment companies must pay taxes equal to the greater of: 10% of annual rent or carrying charges (minus utilities for residential portions), or the taxes paid immediately before the initial exemption expired.

Exemption does not apply to projects operated by mutual redevelopment companies.

Takes effect immediately upon enactment.