NY A02707

Removes the 40-year time limit on tax exemptions for Housing Development Fund Companies (HDFCs), making the exemption permanent as long as the HDFC remains in compliance with affordability requirements

Establishes that HDFCs no longer subject to regulatory agreements remain under commissioner oversight only if they continue to receive tax exemptions; if they opt out of tax benefits, they are no longer subject to regulation

Sets income eligibility requirements for apartment purchasers in non-regulated HDFCs receiving tax benefits: purchaser income cannot exceed 165% of area median income or must meet existing statutory formula

Creates a tax benefit calculation giving HDFCs the greater of either a $12,542 per-unit assessed value cap (increasing 2.5% annually) or 200% of the tax abatement available to conventional cooperatives under Real Property Tax Law section 467-a

Updates the baseline year for tax forgiveness programs for financially distressed HDFCs from January 1, 2002 to January 1, 2024, allowing the city to offer tax relief to HDFCs at risk of foreclosure for more recent tax arrears