Bill A10456 Summary

• Authorizes cities where the Multiple Dwelling Law applies to adopt local laws providing tax exemptions and abatements for alterations and improvements to eligible rental buildings, homeownership buildings, and regulated homeownership buildings completed between June 29, 2022 and June 30, 2026.

• Provides tax exemptions of 5% of assessed valuation for eligible rental buildings without substantial government assistance and 15% for those receiving substantial government assistance, phased out over 10-15 years with declining percentages in final years.

• Allows additional tax abatements of up to 70% of certified reasonable construction costs, capped at 8.33% annually and 20-year maximum period, with limits of 50% of annual taxes for limited-profit housing companies and homeownership buildings.

• Requires eligible rental buildings to maintain at least 50% of units as affordable rental units (except those with government assistance) and comply with rent regulations during a 15-year restriction period; prohibits tenant harassment, unlawful evictions, and unit conversions during this period.

• Establishes application process requiring completion within 4 months of construction finish, filing fees ($1,000 plus $75 per unit over six units), affidavits of no harassment, and grants local housing agencies authority to inspect, investigate, and revoke benefits for non-compliance.