NY A07125

Extends the deadline for cities to adopt local laws providing tax exemptions for increased assessed valuations from alterations and improvements to multiple dwellings from January 1, 2021 to January 1, 2022.

Extends the completion deadline for conversions, alterations, and improvements from prior law to June 30, 2022 (previously June 30, 2021).

Allows a sixty-month completion period for alterations or improvements undertaken by housing development fund companies with substantial assistance from federal, state, or local grants, loans, or subsidies.

Maintains existing exemption periods of up to fourteen years for standard conversions and up to thirty-four years for certain alterations and improvements, with subsequent twenty-percent annual reductions after exemption periods expire.