NY S01911

Expands real property tax exemptions for low-income housing in cities with populations of one million or more to include non-profit housing development fund companies and non-profit housing corporations that are not established or controlled by for-profit entities.

Requires exempt housing organizations to receive loans from a municipality, state, housing trust fund corporation, or successor entity to qualify for the exemption.

Mandates that exempt organizations enter into regulatory agreements guaranteeing the provision of low-income housing accommodations and participate in the federal low income housing tax credit program.

Changes the controlling interest threshold for "eligible entities" from 50 percent to 51 percent held by charitable organizations.

Exemptions expire upon expiration or termination of the regulatory agreement; the act takes effect immediately and applies to all projects approved after enactment.