NY A05559

Amends real property tax law to exempt low-income housing from local taxation in cities with populations of one million or more, provided the entity is not established or controlled by a for-profit entity.

Requires exempted housing entities to be non-profit housing development fund companies or non-profit housing corporations under article eleven of the private housing finance law.

Mandates that exempted entities receive a loan from a municipality, state, or housing trust fund corporation and enter into a regulatory agreement guaranteeing low-income housing provision.

Requires participation in the federal low-income housing tax credit program under section 42 of the Internal Revenue Code.

Increases the controlling interest threshold for "eligible entities" from 50 percent to 51 percent held by a charitable organization, and applies the act to all projects approved after enactment.