NY A04455

Requires the commissioner of housing and community renewal to establish and maintain a public database of residential units vacant for at least 180 days in buildings with six or more units.

Imposes an annual $3,000 real property tax surcharge on owners of multiple dwellings containing vacant residential units, beginning in fiscal year 2025.

Creates an "Affordable Housing Development Program" funded by revenues from the vacant housing unit tax to provide rental subsidies for seniors and low-income households (income $50,000 or less) and to acquire and rehabilitate multi-unit buildings for affordable housing.

Establishes the "Affordable Housing Development Fund" under joint custody of the State Comptroller, Commissioner of Housing and Community Renewal, and Commissioner of Taxation and Finance to receive and manage tax revenues.

Exempts non-profit organizations under IRC Section 501(c)(3) and state/local government entities from the vacant housing unit tax, and provides exclusions for units undergoing repairs, newly constructed units, and units owned for less than one year.