New York A07987 amends the private housing finance law to reduce taxes on certain housing projects to zero percent.

New York A07987 amends the private housing finance law to reduce taxes on certain housing projects to zero percent. The bill allows local legislative bodies to reduce taxes on housing projects to zero percent or less of the annual shelter rent or carrying charges. In cities with a population of one million or more, the tax reduction is limited to zero percent. The tax exemption expires every ten years and reverts to the previous tax rate if not renewed.

New York A07987 amends the private housing finance law to reduce taxes on certain housing projects to zero percent.

New York A07987 amends the private housing finance law to reduce taxes on certain housing projects to zero percent. The bill allows local legislative bodies to reduce taxes on housing projects to zero percent or less of the annual shelter rent or carrying charges. In cities with a population of one million or more, the tax reduction is limited to zero percent. The tax exemption expires every ten years and reverts to the previous tax rate if not renewed.