NY Real Prop Tax L § 489-CCCCC (2021)
2021 New York Laws RPT - Real Property Tax Article 4 - Exemptions Title 2-E - Tax Exemption for Certain Construction Work on Mixed-Use Property in Cities Having a Population of One Million or More 489-CCCCC - Eligibility for Benefits.

§   489-ccccc.  Eligibility  for  benefits.    1.  A  recipient  of  a certificate of  eligibility  with  an  effective  date  of  July  first, nineteen  hundred  ninety-five  or  after must make one-half the minimum required expenditure within eighteen months of  the  effective  date  of such  certificate,  and  make  the  minimum  required expenditure within thirty-six months of the  effective  date  of  such  certificate  to  be eligible  to receive the benefits of this title. Any recipient who shall fail to make such expenditures shall cease to be eligible  for  benefits pursuant to this title and shall pay, with interest, any taxes for which an exemption was claimed pursuant to this title.   2.   No   benefits  pursuant  to  this  title  shall  be  granted  for construction work on any condominium unit  unless  such  unit  is  in  a building  or  structure  which,  if  viewed as a whole and as if it were under single ownership,  would  qualify  as  mixed-use  property.    The minimum   required   expenditure   applicable  to  any  recipient  of  a certificate of eligibility for construction work on a  condominium  unit shall  be equal to the minimum required expenditure which would apply if a certificate of eligibility were issued for construction  work  on  the entire  property where such unit is located. Nothing in this subdivision shall be construed to prevent owners of condominium units  in  the  same property from forming an association to be a recipient.   3.  No  benefits  pursuant  to  this  title  shall  be granted for any construction work unless the applicant filed  an  application  for  such benefits on or before the date of issuance of a building permit for such work.  The  requirements  of this subdivision may be satisfied where the applicant's architect, contractor or other representative authorized  to file  the application for such building permit files with the department of  finance  on  behalf  of  the  applicant  a  preliminary  application containing such information as the department of finance shall prescribe by rule.   4.  No  benefits  pursuant  to  this  title  shall  be granted for any construction work on property any part of which is used or is to be used for a restricted activity.   5.  No  benefits  pursuant  to  this  title  shall  be   granted   for construction  work  which is the subject of a certificate of eligibility issued pursuant to title  two,  title  two-C  or  title  two-D  of  this article.   6.  The  benefits  of  this  title  shall  be  granted exclusively for residential    construction  work  or  a  combination   of   residential construction work and commercial construction work described in approved plans.  The  benefits  of  this  title  shall be granted exclusively for residential  construction  work  or   a   combination   of   residential construction work and commercial construction work on existing buildings or  structures  which,  after completion of such construction work, will qualify as mixed-use property. No benefits pursuant to this title  shall be granted for construction of a new building or structure.   7.   Any  tax  lot  which  is  partly  located  inside  the  mixed-use construction exemption area shall  be  deemed  to  be  entirely  located inside such area.   8.  No  benefits  pursuant  to  this  title  shall  be granted for any residential construction work or combination of residential construction work and commercial construction work unless the applicant  shall  file, together  with the application, an affidavit setting forth the following information:  (a) a statement that within the seven years immediately preceding  the date  of  application  for  a  certificate  of  eligibility, neither the applicant, nor any person owning a substantial interest in the  property as  defined  in  paragraph  (c)  of  this  subdivision, nor any officer,  director or general partner of the applicant or such person was  finally adjudicated  by  a  court  of  competent  jurisdiction  to have violated section two hundred thirty-five of the real property law or any  section of  article  one hundred fifty of the penal law or any similar arson law of another jurisdiction with respect to any building, or was an officer, director or general partner of a person at  the  time  such  person  was finally adjudicated to have violated such law; and  (b)  a  statement setting forth any pending charges alleging violation of section two hundred thirty-five of  the  real  property  law  or  any section  of  article  one  hundred fifty of the penal law or any similar arson law of another jurisdiction with respect to any  building  by  the applicant or any person owning a substantial interest in the property as defined  in  paragraph (c) of this subdivision, or any officer, director or general partner of the applicant or such person, or  any  person  for whom  the  applicant  or  person  owning  a  substantial interest in the property is an officer, director or general partner.  (c) "Substantial interest" as used in this subdivision and subdivision nine of this section shall mean ownership and control of an interest  of ten per centum or more in a property or any person owning a property.   9.  (a) If any person described in the statement required by paragraph (b) of subdivision eight of  this  section  or  paragraph  (b)  of  this subdivision  is finally adjudicated by a court of competent jurisdiction to be guilty of any charge listed in such statement, the recipient shall cease to be eligible for benefits pursuant to this title and shall  pay, with  interest, any taxes for which an exemption was claimed pursuant to this title.  (b) The recipient shall, on the certificate of continuing  use,  state whether  any  charges  alleging violation by the recipient or any person owning a substantial interest in the property, or any officer,  director or  general  partner  of  the  recipient  or person owning a substantial interest in the property, or any person for whom the recipient or person owning a substantial interest in the property is an officer, director or general partner, of section two hundred thirty-five of the real property law or any section of article one hundred fifty of the penal law or  any similar  arson law of another jurisdiction, are pending. For purposes of this paragraph, "substantial interest" shall have the  same  meaning  as set forth in paragraph (c) of subdivision eight of this section.   10. In addition to any other qualifications for exemption from payment of taxes set forth in this title, an applicant must be:  (a)  obligated  to  pay real property tax on the property for which an exemption is sought, whether such obligation arises  because  of  record ownership  of  such  property, or because the obligation to pay such tax has been assumed by contract; or  (b) the record owner or lessee of property which is exempt  from  real property  taxation  who  has  entered into an agreement to sell or lease such property to another person. Such person  shall  be  a  co-applicant with such owner or lessee.   11. A co-applicant with a public entity shall be an eligible recipient pursuant  to  this  title, provided that for such period as the property which is the subject of the certificate of eligibility  is  exempt  from real  property  taxation  because  it is owned or controlled by a public entity no benefits shall be available to such recipient pursuant to this title. Such recipient shall receive benefits pursuant to this title when such property ceases to be eligible  for  exemption  pursuant  to  other provisions  of law, as follows: the recipient shall, commencing with the date such tax exemption ceases, and continuing until the  expiration  of the benefit period pursuant to this title, receive the benefits to which  such  recipient  is  entitled  in the corresponding tax year pursuant to this title.   12.   Notwithstanding   the  provisions  of  any  local  law  for  the stabilization of rents in multiple dwellings  or  the  emergency  tenant protection act of nineteen seventy-four, the rents of a dwelling unit in property  which  is the subject of a certificate of eligibility pursuant to this title shall be fully subject to control under  such  local  law, unless  exempt  under  such  local  law  from  control  by reason of the cooperative or condominium status of the dwelling unit, for  the  entire period  for  which  such property is receiving benefits pursuant to this title, provided, however, that  for  purposes  of  this  subdivision,  a property  receiving  benefits  pursuant to this title whose benefits are suspended, terminated or revoked by the department of finance  shall  be deemed  to  be  receiving  benefits for the length of time such benefits would have been received  if  such  benefits  had  not  been  suspended, terminated  or  revoked,  or for the period such local law is in effect, whichever is shorter.  Thereafter,  such  rents  shall  continue  to  be subject to such control, except that such rents that would not have been subject  to such control but for this subdivision, shall be decontrolled if the landlord has included in each lease and renewal thereof for  such unit  for the tenant in residence at the time of such decontrol a notice in at least twelve point type informing such tenant that the unit  shall become  subject  to  such  decontrol  upon  the  expiration  of benefits pursuant to this title.