NY S08526

Provides tax exemption for real property owned by housing development fund companies operating as community land trusts serving low-income persons and families, including separately assessed improvements owned by residents.

Requires annual certification from community land trusts that property is used exclusively for low-income benefit and permits supervising agencies to require regulatory agreements co-terminus with ground leases.

Extends tax exemption eligibility to community land trusts located in cities or municipalities with populations under one million without requiring a regulatory agreement.

Exempts income-restricted homeownership property (single/two-family homes or multiple dwellings) from taxation, with taxable portion capped at either 20% of carrying charges or the maximum resale price as specified in regulatory agreements or ground leases.

Authorizes reassessment upon transfer or sale of income-restricted homeownership property and allows revaluation after ten years of no transfers; permits existing assessment methods that result in lower tax burdens to continue.