NY S06711

Amends New York City tax code to exempt certain real property transfers by housing development fund companies organized under the private housing finance law from transfer taxes.

Applies exemption only when property is subject to a regulatory agreement with the state, municipal corporation, or public corporation that encumbers property for 30+ years, restricts 66.67% of residential floor area to low-income use, and requires mutual consent for revocation or amendment.

Allows partial tax exemption when regulatory agreement restricts less than 100% of floor area to low-income use, calculated by multiplying consideration by fraction of restricted floor area divided by total floor area.

Permits Commissioner of Finance to issue refunds within 12 months if regulatory agreement meeting these terms is imposed within 2 years of the transfer, treating transfer as if agreement existed on the transfer date.

Makes exemption retroactively applicable to all transfers by housing development fund companies made prior to August 19, 2016.