New York bill A00355 provides a partial tax exemption for residential real property transferred to low-income households by certain entities.

New York bill A00355 amends the real property tax law to partially exempt from taxation certain residential real property transferred to low-income households by governmental entities, nonprofit housing organizations, land banks, or community land trusts. The exemption applies if the property is subject to a restrictive covenant or contractual obligation with the transferring entity and is intended for use as a primary residence by a household with an income not exceeding 90% of the area median income.

New York bill A00355 provides a partial tax exemption for residential real property transferred to low-income households by certain entities.

New York bill A00355 amends the real property tax law to partially exempt from taxation certain residential real property transferred to low-income households by governmental entities, nonprofit housing organizations, land banks, or community land trusts. The exemption applies if the property is subject to a restrictive covenant or contractual obligation with the transferring entity and is intended for use as a primary residence by a household with an income not exceeding 90% of the area median income.