NY A00120

Increases the minimum residential square footage requirement for mixed-use properties from 40% to 50% to qualify for the residential-commercial urban exemption program.

Restricts square footage calculations to stories above grade only, excluding below-grade areas from percentage determinations.

Adds requirement that at least 75% of mixed-use property floor area must consist of pre-existing building or structure, and commercial portion must be currently in use or in good faith contemplated for use.

Removes the three-year consecutive non-use provision as grounds for benefit revocation, keeping only false statements/omissions and non-compliance with program requirements as revocation triggers.

Takes effect January 1, 2024 and applies to initial exemption applications received on or after that date.