NY S06480

Amends the private housing finance law to allow local legislative bodies to grant an additional tax exemption period to redevelopment company projects upon expiration of their initial tax exemption.

Additional tax exemption period may last up to 50 years or until the project is no longer operated under the required restrictions and purposes, whichever occurs first.

During the additional exemption period, redevelopment companies must pay taxes equal to the greater of: (1) ten percent of annual rent or carrying charges minus utilities for the residential portion, or (2) taxes paid for the residential portion immediately before the initial exemption expired.

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

Takes effect immediately upon enactment.