Source: http://rules.cityofnewyork.us/tags/tax-exemption
Timestamp: 2018-03-20 21:22:25
Document Index: 143103202

Matched Legal Cases: ['§ 420', '§ 420', '§ 420', '§ 420', '§ 420', '§ 420', '§ 420']

tax exemption | NYC Rules
Read more about Affordable New York Housing Program 421-a(16) Rules
New York Real Property Tax Law (RPTL) § 420-cwas originally enacted to provide tax exemption for non-profit sponsors which develop affordable housing with federal low income housing tax credits.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.
Read more about Rules Pertaining to Tax Exemptions under Real Property Tax Law Section 420-c
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.
Real Property Tax Law 420-c
Proposed Amendments to Rules Governing Tax Exemptions under Real Property Tax Law section 420-c
100 Gold Street Room 8-D09
rptl_420-c_rule_amendments.pdf
Read more about Prroposed Amendments to Rules pertaining to Tax Exemptions under Real Property Tax Law Section 420-c