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NY A00462

Bill

Official Source

Status

Introduced

1/9/2023

Primary Sponsor

Harvey Epstein

Click for details

Origin

Assembly

2023-2024 General Assembly

AI Summary

  • Extends the term for payment of municipal real estate tax arrears from 30 years to 40 years for housing development fund corporation projects
  • Removes the January 1, 2002 date restriction, allowing arrears from any prior period to be eligible for extended payment terms
  • Requires suspended tax arrears to be subordinated to any loans obtained by the housing development fund corporation for allowable purposes
  • Mandates minimum annual maintenance charge increases of at least 2 percent or requires assessments to ensure the company can meet its obligations
  • Takes effect immediately upon enactment

Legislative Description

Modifies certain eligibility requirements and extends the time period for the payment of arrears for certain taxes.

Last Action

enacting clause stricken

7/24/2023

Committee Referrals

Housing1/9/2023

Full Bill Text

No bill text available