NY A01496

Requires property owners seeking tax abatements for major capital improvements to waive the full amount of rent adjustments equal to the tax abatement benefits received, rather than only one-half as under current law

Owners must file a declaration with the Department of Housing Preservation and Development agreeing to the waiver when applying for tax abatement benefits

The waiver begins when rent adjustments are first collected; if tax abatement benefits were received earlier, the waived amount must be increased to account for benefits already received

After the tax abatement expires, owners may collect the full annual rent permitted under the rent adjustment

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