NY S05630

Exempts real property used for low-income housing from local taxation in cities with populations over one million if owned by non-profit housing development companies or non-profit housing corporations that are not established or controlled by for-profit entities.

Requires exempt properties to have received loans from a municipality, state, or housing trust fund corporation and entered into regulatory agreements guaranteeing low-income housing provisions.

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

Increases the minimum controlling interest threshold for "eligible entities" from 50 percent to 51 percent held by charitable organizations providing low-income housing.

Exemptions expire upon expiration or termination of the regulatory agreement; provisions apply to all projects approved after the law becomes effective.