NY S00335

Amends real property tax law to exempt low-income housing from local taxation in cities with populations of one million or more, provided the property owner is a non-profit housing entity not established or controlled by a for-profit entity.

Requires exemption eligibility based on: receipt of a loan from a municipality, state, or housing trust fund corporation; a regulatory agreement guaranteeing low-income housing; and participation in the federal low-income housing tax credit program.

Exemption expires upon expiration or termination of the regulatory agreement.

Defines "charitable organization" as a non-profit entity not established or controlled by a for-profit entity with 501(c)(3) or 501(c)(4) tax-exempt status that provides low-income housing.

Changes the threshold for "eligible entity" controlling interest from fifty percent to fifty-one percent held by a charitable organization, effective immediately for all projects approved after the bill becomes law.