NY S02316

Increases the minimum residential square footage requirement for mixed-use properties from 40% to 50% of the building to qualify for the residential-commercial urban exemption program.

Specifies that only square footage in stories above grade counts toward calculating residential and commercial percentages, and defines new terms including "floor area" and "story above grade."

Adds new eligibility requirements including that at least 75% of the mixed-use property must consist of a pre-existing building or structure, and that vacant land is ineligible for exemption benefits.

Removes the provision allowing revocation of benefits if commercial space has not been in active public use for three consecutive years, and eliminates the requirement for a 30-day notice and cure period before revocation.

Requires applicants to demonstrate that commercial space is currently in use or in good faith contemplated for commercial use in both initial applications and annual certifications.