NY A09937

Amends the Private Housing Finance Law to allow cities with populations of one million or more to grant an additional real property tax exemption to mutual redevelopment companies for up to 50 years after their initial maximum exemption period expires.

Requires that during any additional tax exemption period, the redevelopment company 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 during the tax year July 1, 2000 through June 30, 2001.

Applies only where a local legislative body has already extended the initial tax exemption to the maximum period allowed under existing law.

The additional exemption period begins upon expiration of the maximum period provided under current law.