NY S01420

Exempts real property owned by non-profit housing development companies and non-profit housing corporations from local real property taxation in cities with populations of one million or more, provided the entity is not established or controlled by a for-profit entity.

Requires exempted entities to have received a loan from a municipality, state, or the housing trust fund corporation and to enter into a regulatory agreement guaranteeing provision of low-income housing accommodations.

Requires exempted entities to participate in the federal low-income housing tax credit program established under Internal Revenue Code section 42.

Changes the "eligible entity" threshold for controlling interest held by a charitable organization from fifty percent to fifty-one percent.

Exemption expires upon expiration or termination of the regulatory agreement; act takes effect immediately and applies to all projects approved after enactment.