NY A00050

Requires eligible multiple dwellings receiving tax benefits to dedicate at least 2% of floor area to affordable arts space for nonprofit arts organizations at maximum rent of $20 per square foot per year, with annual increases capped at 3%

Provides increased property tax exemptions based on below-market rents: for every $1 per square foot below the $20 maximum, exemption benefits increase by 1% for the first 20-30 years and 1.5% for subsequent years

Grants 100% property tax exemption for 5-10 years when arts space is rented below $10 per square foot and building owners provide tenant improvement allowances of $50-$100 per square foot

Requires rental agreements for affordable arts space to be signed within one year of the building receiving a temporary certificate of occupancy, with benefits applied retroactively

Defines eligible arts organizations as New York nonprofits or 501(c)(3) tax-exempt organizations using space for studios, rehearsal, performance, or public arts programming