NY A04765

Changes the requirement for property owners receiving tax abatement benefits for major capital improvements from a "partial waiver" to a full "waiver" of rent adjustments.

Requires owners to waive the total annual amount of rent adjustment (previously one-half) that corresponds to the total annual tax abatement benefits received, rather than limiting the waiver to a portion of those benefits.

Exempts substantial rehabilitation of vacant buildings and buildings rehabilitated with substantial city, state, or federal subsidies from these waiver requirements.

Applies only to alterations and improvements commenced after the act's effective date.

Becomes effective immediately upon enactment.