NY S07709

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 company must pay taxes equal to at least the greater of: (i) 10 percent of annual rent or carrying charges minus utilities for the residential portion, or (ii) taxes paid during the 2000-2001 tax year for the residential portion.

Applies only where a local legislative body has already extended a mutual redevelopment company's tax exemption for the maximum period previously allowed under existing law.

Additional tax exemption period begins upon expiration of the maximum period provided under existing law.

Takes effect immediately upon enactment.