Source: http://rules.cityofnewyork.us/content/prroposed-amendments-rules-pertaining-tax-exemptions-under-real-property-tax-law-section-420
Timestamp: 2019-04-20 18:30:26+00:00

Document:
New York Real Property Tax Law (RPTL) § 420-cwas originally enacted to provide tax exemption for non-profit sponsors which develop affordable housing with federal low income housing tax credits. In 2004, RPTL § 420-c was amended by Chapter 522 of the Laws of 2004 to require that at least 50% of the controlling interest in an entity owning the property be held by a charitable or social welfare organization formed under 501(c)(3) or 501(c)(4) of the federal Internal Revenue Code. The 2004 amendments eliminated the prior governmental loan requirement for RPTL § 420-c benefits and provided that the municipality must sign or approve a regulatory agreement requiring that the real property be used to provide low income housing for the entire term of the RPTL § 420-c tax exemption. The 2004 amendments also authorized existing eligible projects to start receiving RPTL § 420-c tax benefits if they terminated any current tax benefits and executed new regulatory agreements.
The proposed rule amendments add the 2004 statutory amendments to the current rules since the amendments apply to all RPTL § 420-c applications approved by HPD on or after September 28, 2004, the effective date of the amendments. They also make some technical changes to the existing § 420-c regulatory provisions.

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