NY Priv Hous Fin L § 93 (2021)
2021 New York Laws PVH - Private Housing Finance Article 4 - Limited Dividend Housing Companies 93 - Tax Exemptions.

§  93. Tax exemptions. 1. Any housing company shall be exempt from the   payment  of  any  and  all  franchise,  organization,  income,  mortgage   recording  and other taxes to the state and all fees to the state or its   officers.2. Bonds and mortgages and the income debenture  certificates  of  all   housing  companies  are  declared  to be instrumentalities of the state,   issued for public purposes and shall, together with interest thereon, be   exempt from taxation. Distributions on capital of said  companies  shall   be exempt from taxation by the state.3. Any municipality in which projects of housing companies are located   is  authorized  to  exempt  the  buildings  and  improvements created in   connection with such projects  from  local  taxation,  and  should  said   municipality  exempt  such buildings and improvements from such taxation   the buildings and improvements of said company shall to  the  extent  of   such exemption be exempt from any and all state taxation. This provision   shall  apply only to projects completed prior to January first, nineteen   hundred thirty-nine.4. Any municipality in which projects of housing companies are located   is authorized, through its local legislative body, to exempt from  local   and  municipal taxes, other than assessments for local improvements, all   or part of the value of the property included in any  such  projects  as   represents an increase over the assessed valuation of the real property,   both  land and improvements, acquired for the project at the time of its   acquisition by  the  housing  company  which  originally  undertook  the   project;  and  should  a  municipality  grant  such  tax  exemption, all   projects of housing companies shall to  the  extent  of  such  municipal   exemption  and  during  the  period  thereof, be exempt from any and all   state taxes. Such exemption of projects from taxation by a  municipality   and  the  state  shall  not  extend to projects erected prior to January   first, nineteen  hundred  thirty-nine  nor  to  projects  erected  after   January  first,  nineteen  hundred  seventy-three  and  prior to January   first, nineteen hundred seventy-nine.5. The tax exemption specified in subdivisions three and four of  this   section  shall  not  operate  for  a  period  of  more than fifty years,   commencing in each instance from the date on which the benefits of  such   exemption first become available and effective.6.  Notwithstanding  the  provisions  of subdivisions four and five of   this section, the real property  owned,  acquired,  leased,  managed  or   operated  by  a  state  urban  development  corporation project shall be   exempt from all local and municipal taxes,  other  than  assessment  for   local  improvements, to the extent of the value of the property included   in such project as represents an increase over the assessed valuation of   the real property, both land and improvements acquired for  the  project   on the date of its acquisition by the housing company. The tax exemption   shall  operate  and  continue  so  long  as  the  mortgage loans of such   limited-dividend housing company are outstanding, but in no event for  a   period  of  more  than forty years, commencing in each instance from the   date when such limited-dividend  housing  company  first  acquired  such   property.  If  a  state urban development corporation project qualifying   for tax exemption  pursuant  to  this  subdivision  is  sold,  with  the   approval  of  the  commissioner,  to  another  limited-dividend  housing   company, such successor company shall be entitled to all the benefits of   this subdivision.7. Any project that received a tax exemption under this  section  may,   upon  the  expiration  of  the  tax  exemption  period,  be  granted  an   additional tax exemption period of up to fifty years, or until such time   as the project is no longer operated under the restrictions and for  the   purposes set forth in this article, whichever is sooner.