NY Pub Hsg L § 214-A (2021)
2021 New York Laws PBG - Public Housing Article 10 - Loans to Owners of Existing Multiple Dwellings 214-A - Rent Control; Tax Exemption.

§  214-a.  Rent  control;  tax  exemption.    1.  Notwithstanding  the   provisions of the emergency housing rent control law and the regulations   promulgated pursuant thereto, so long  as  the  rents  for  any  housing   accommodations in any multiple dwelling aided by a loan pursuant to this   article  remain  subject to control by the agency, (1) the maximum rents   for such housing accommodations shall be those prescribed by the  agency   pursuant  to  the  provisions of this article; and (2) where the maximum   rents for such accommodations, if the provisions of  this  article  were   not  applicable,  would be prescribed by the provisions of the emergency   housing rent control law and such regulations,  the  provisions  of  the   emergency  housing  rent  control law with respect to evictions, and the   provisions of such regulations with respect to evictions, and  no  other   provisions   of   such   law   and  regulations,  shall  apply  to  such   accommodations. However, upon the expiration of such rent control by the   agency pursuant to this article, such  housing  accommodations  in  such   dwelling, if they would have been fully subject to the provisions of the   emergency  housing  rent  control  law  and such regulations immediately   prior to such expiration, if not  subject  to  the  provisions  of  this   article,  shall  again  be  subject  to  the provisions of the emergency   housing rent control law and such regulations to the same extent and  in   the  same  manner  as if such accommodations had not been subject to the   provisions of this  article,  except  that  with  respect  to  any  such   accommodations  again subject to the provisions of the emergency housing   rent control law and such regulations,  the  maximum  rent  therefor  in   effect  pursuant  to  the provisions of this article at the time of such   expiration, shall be the maximum rent for such accommodations under  the   emergency   housing   rent  control  law  and  regulations,  subject  to   adjustment pursuant to such law and regulations, giving  due  regard  to   all the equities.2.  The  municipality  may,  by  local law, provide for exemption from   taxation of any increase in valuation resulting from  the  installation,   alterations  or improvements performed with the aid of such loans or for   abatement of taxation on such property, including the land, or for  both   such  exemption  and abatement, to the same extent, for the same period,   and under the same terms and conditions as such exemption or  abatement,   or  both,  may  be  provided by local law enacted under the terms of any   currently effective statute authorizing the granting of tax exemption or   tax abatement, or both, in aid  of  the  rehabilitation,  alteration  or   improvement  of  multiple dwellings or the elimination of unhealthful or   dangerous conditions therein. Notwithstanding any contrary provisions of   any general, special or local law, a property aided by a  loan  pursuant   to  this  article  shall  not  be  ineligible  for  tax exemption or tax   abatement or both, as provided by local law enacted pursuant to statute,   solely because such property is not subject to control  of  rents  under   the  emergency  housing rent control law, but such tax exemption and tax   abatement shall terminate if  and  when  such  property  is  subject  to   control of rents neither under the emergency housing rent control law or   this article.