NY A01894

Establishes tax exemption for land owned by community land trusts and resident-owned improvements in municipalities with populations under one million, provided the trusts are nonprofit 501(c)(3) organizations focused on creating permanently affordable housing.

Requires community land trust leases to be for a minimum initial term of 99 years with renewal rights, and mandates that properties serve low-income individuals or families as defined in the Private Housing Finance Law.

Allows revocation of exemptions if community land trusts fail to maintain permanently affordable housing for low-income residents, with potential retroactive revocation if an ongoing pattern of non-compliance is found.

Creates an assessment method for income-restricted homeownership properties under community land trust ground leases in municipalities under one million population, based on resale and rent restrictions rather than full market value.

Provides tax exemptions for low-income housing in cities with populations of one million or more when owned by eligible housing development fund companies operating as community land trusts under regulatory agreements with the Department of Housing Preservation and Development.