NY S07856

Amends real property tax law to exempt low-income housing properties from local real property taxation in cities with populations of one million or more when owned by non-profit corporations, partnerships, or limited liability companies that are not established or controlled by for-profit entities.

Requires exempt properties to have received a loan from a municipality, the state, or the housing trust fund corporation and to have entered into a regulatory agreement guaranteeing low-income housing provision.

Requires exempt properties to participate in the federal low income housing tax credit program under Internal Revenue Code section 42.

Changes the threshold for "eligible entity" controlling interest from 50 percent to 51 percent held by a charitable organization.

Exemption expires upon expiration or termination of the regulatory agreement; applies to all projects approved on or after the law's effective date.