Loading chat...
NY A03299
Bill
Status
1/22/2021
Primary Sponsor
Harvey Epstein
Click for details
AI Summary
-
Extends the term for payment of municipal real estate tax arrears from thirty years to forty years for housing development fund corporations.
-
Removes the January 1, 2002 date restriction, allowing arrears from any prior period to be eligible for the extended payment term.
-
Requires suspended tax arrears to be subordinated to any loans obtained by the housing development fund corporation for allowable purposes.
-
Increases the minimum annual maintenance charge requirement from unspecified to a minimum of two percent per year, or allows assessments to ensure the corporation can meet its obligations.
-
Takes effect immediately upon enactment.
Legislative Description
Modifies certain eligibility requirements and extends the time period for the payment of arrears for certain taxes.
Last Action
referred to housing
1/5/2022