NY A06908

Extends the deadline for cities to adopt local laws providing tax exemptions for increases in assessed valuation of multiple dwellings from January 1, 2021 to January 1, 2022.

Extends the deadline for completion of conversions, alterations, or improvements to qualify for tax exemptions from June 30, 2021 to June 30, 2022.

Maintains existing provisions allowing housing development fund companies a 60-month completion period and a 7-year period for alterations in properties transferred from the city.

Preserves exemption periods of up to 14 years for standard conversions and alterations, and up to 34 years for subsidized housing improvements.

Takes effect immediately upon enactment.