NY Real Prop Tax L § 422 (2021)
2021 New York Laws RPT - Real Property Tax Article 4 - Exemptions Title 2 - Private Property 422 - Not-for-Profit Housing Companies.

§ 422. Not-for-profit housing companies. 1. (a) Real property owned by a  not-for-profit  corporation  organized pursuant to the not-for-profit corporation law and the provisions of article two of the private housing finance  law,  used  exclusively  to  provide  housing   and   auxiliary facilities  for  faculty  members, students, employees, nurses, interns, resident physicians, researchers and other personnel and their immediate families  in  attendance  or   employed   at   colleges,   universities, educational institutions, child care institutions, hospitals and medical research  institutes,  or for handicapped or aged persons of low income, or owned by non-profit nursing home companies organized pursuant to  the not-for-profit   corporation   law   and   the   provisions  of  article twenty-eight-A of the public health law,  used  exclusively  to  provide facilities  for  nursing  care  to  sick,  invalid,  infirm, disabled or convalescent persons of low income, or to provide health-related service as defined in article twenty-eight of the public health law  to  persons of  low  income,  or  any  combination of the foregoing, and in addition thereto, to provide nursing care and health-related service,  or  either of  them, to persons of low income who are not occupants of the project, or owned by housing development fund companies organized pursuant to the not-for-profit corporation law and article eleven of the private housing finance law, used exclusively to provide housing for handicapped or aged persons of low income, and financed by  a  federally-aided  mortgage  as defined in said article eleven, or owned by companies organized pursuant to  the  not-for-profit  corporation  law  and the provisions of article seventy-five of the mental hygiene  law,  used  exclusively  to  provide care,  treatment, training, education and residential accommodations for operation as hostels for the mentally ill or mentally retarded, or owned by companies organized pursuant to the membership corporations  law  and the  provisions  of  article seven-A of the private housing finance law, used exclusively to provide programs, services and other facilities  for the  aging,  shall  be  exempt  from taxation and exempt from special ad valorem levies and special assessments to the extent provided in section four hundred ninety of this chapter, provided, however, that in  a  city having  a  population  of one million or more real property owned by any such  corporation  which   is   to   provide   housing   accommodations, substantially  all  of which are or are to be assisted by rent subsidies made or to be made available by the Federal  government  pursuant  to  a contract  under  section  eight  of  the  United  States  Housing Act of nineteen hundred thirty-seven, as amended,  or  pursuant  to  a  project rental  assistance  contract under section two hundred two of the United States Housing Act  of  nineteen  hundred  fifty-nine,  as  amended,  or pursuant  to  a  project  rental assistance contract under section eight hundred eleven of  the  National  Affordable  Housing  Act  of  nineteen hundred  ninety,  as  amended,  shall from and after the commencement of construction be subject to taxation or exempt therefrom  to  the  extent approved by a municipality acting through its local legislative body, as such  local  legislative  body is defined in paragraph twelve of section two of the private housing finance law. No such corporation  or  company shall  pay  a dividend on any of its stock or pay interest on any of its debentures. Provided further, however, in a county having  a  population of  one million or more and having not more than three towns within such county, real  property  owned  by  housing  development  fund  companies organized  pursuant  to  the  not-for-profit corporation law and article eleven of the private housing finance law, used exclusively  to  provide housing for handicapped or aged persons of low income, and financed by a federally-aided  mortgage  as  defined in said article eleven shall from and after the commencement of construction be  subject  to  taxation  or exempt therefrom to the extent approved by a municipality acting through  its local legislative body, as such local legislative body is defined in paragraph  twelve of section two of the private housing finance law. Any tax payments and/or payments in lieu of taxes  made  to  a  municipality pursuant  to  the  preceding  sentence  shall  not be passed through nor become the liability of any of the occupants of such property.  (b) If any portion of such real property of such  corporation  is  not used  exclusively  for housing of those persons set forth in paragraph a of this section but is leased or otherwise used for purposes pursuant to article two of the private housing finance law, such  portion,  provided it does not exceed ten per centum of the total, shall be subject to such limited  exemption  as  is  authorized  pursuant  to  article two of the private housing finance law, and the remaining  portion  only  shall  be fully exempt. If any portion of the real property of such corporation in excess  of  ten  per centum of the total is leased or otherwise used for housing pursuant to article two of the private housing finance law,  the total  property  shall  be  subject  to  such  limited  exemption  as is authorized pursuant to article two of the private housing  finance  law. Real property exempt from taxation pursuant to this paragraph shall also be  exempt from special ad valorem levies and special assessments to the extent provided in section four hundred ninety of this chapter.  (c) In real property used in part for handicapped or aged  persons  of low  income  priority and preference in the rental of such real property for purposes not specified in paragraph a shall be given to a family  of a  person  legally  responsible for the care of a handicapped or an aged person residing in such real  property.  This  preference  and  priority shall apply to only one such family for each handicapped or aged tenant.   2. (a) The exemption provided in paragraphs (a) and (b) of subdivision one  of  this section shall be upon condition that the property owned by such  corporation  shall  upon  dissolution  vest   in   such   college, university,   educational   institution,   hospital,   medical  research institute, child care institution, or other not-for-profit  corporation, if  such college, university, educational institution, hospital, medical research institution, child care institution,  or  other  not-for-profit corporation  is  exempt  from  taxation  pursuant  to  the provisions of section four hundred twenty-a or four hundred twenty-b of  this  article and  if  no  part  of  the  net  earnings  of  such college, university, educational institution, hospital,  medical  research  institute,  child care institution, or other not-for-profit corporation shall inure to the benefit of any private individual.  (b)   In   the   event  that  such  college,  university,  educational institution,  hospital,   medical   research   institute,   child   care institution, or other not-for-profit corporation is not otherwise exempt from  taxation,  title  to the property shall nevertheless vest therein, but only upon payment to the municipality of a sum equal to the total of all accrued taxes, levies and assessments from which such  property  has been exempt under the provisions of this section.