NY A07930

Exempts land owned by community land trusts and resident-owned improvements from local real property taxes in all areas except cities with population of one million or more, provided the trust is a 501(c)(3) nonprofit maintaining permanently affordable housing with 99-year renewable leases.

Revokes tax exemptions for community land trusts that fail to maintain affordable housing for low-income persons or families, with exemption potentially retroactive to inception if ongoing non-compliance is found.

Allows income-restricted homeownership property in municipalities with populations under one million to be assessed based on resale and rent restrictions in ground leases with community land trusts, rather than fair market value.

Exempts eligible low-income housing in cities with populations of one million or more from local property taxes under regulatory agreements with the Department of Housing Preservation and Development, with exemptions subject to suspension or revocation for defaults or non-compliance.

Takes effect immediately and applies to all assessment rolls published after the bill becomes law.