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NY A08125
Bill
Status
5/1/2025
Primary Sponsor
Linda Rosenthal
Click for details
AI Summary
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Prohibits Mitchell-Lama cooperative housing projects that convert from limited-profit housing companies to housing development fund companies (HDFCs) from receiving shelter rent tax exemptions
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Amends Section 577 of the private housing finance law by adding a new subdivision that explicitly bars these converted properties from tax abatement eligibility
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Applies to housing development fund companies incorporated under the not-for-profit corporation law that were previously organized under Article 2 of the private housing finance law
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Takes effect on January 1 following enactment and applies to taxable years beginning on or after that date
Legislative Description
Prohibits real property that has converted from a limited-profit housing company to a housing development fund company from being eligible for a shelter rent tax abatement.
Last Action
referred to housing
1/7/2026