NY A04397

Creates a new real property tax abatement for residential rental buildings (3+ units) that complete lead-based paint remediation, with abatement amount equal to the cost of remediation work.

Requires cities to adopt a local law after a public hearing to grant the abatement; cities may establish maximum dollar limits for specific cost items and maximum total abatement amounts per building.

Abatement payments may be spread over a maximum of 2 years but cannot exceed the building's tax liability in the tax year the abatement is taken.

Applicants must submit certification that work was performed by EPA-certified firms, sworn statements from the firm and owner, itemized costs with proof of payment, and file within one year of completion and before the taxable status date.

Buildings must have no delinquent city taxes as of the applicable taxable status date to qualify; each building is limited to one abatement for one lead remediation project; effective January 1, 2022.