NY S08018

Amends rental surcharge limits for income-exceeding tenants in municipally-aided housing projects in cities with populations over one million, allowing surcharges up to 200% of existing rent instead of the previous 50% cap.

Repeals subdivision 5 of section 31 of the Private Housing Finance Law, which previously governed continued occupancy protections for certain tenants.

Modifies tax exemption provisions for mutual redevelopment company projects to reference only subdivisions 2, 3, and 4 of section 31 instead of subdivisions 2, 3, 4, and 5.

Amendments to rental surcharge provisions take effect July 1, 2017, while other provisions take effect immediately.