Extends tax exemption for mutual redevelopment companies in cities with a population of one million or more.

This bill amends the private housing finance law to allow local legislative bodies in cities with a population of one million or more to extend the tax exemption for mutual redevelopment companies. The extension can be for up to fifty years, provided that the taxes paid during the exemption period are at least five percent of the annual rent or carrying charges of the project minus utilities. This change takes effect immediately.

Extends tax exemption for mutual redevelopment companies in cities with a population of one million or more.

This bill amends the private housing finance law to allow local legislative bodies in cities with a population of one million or more to extend the tax exemption for mutual redevelopment companies. The extension can be for up to fifty years, provided that the taxes paid during the exemption period are at least five percent of the annual rent or carrying charges of the project minus utilities. This change takes effect immediately.