Establishes an optional local tax exemption for affordable multi-family housing in New York.

The bill proposes an optional local tax exemption for affordable multi-family housing in New York. Cities, towns, and villages can implement this exemption based on recommendations from the Division of Housing and Community Renewal for each economic development region. The exemption applies to rental multiple dwellings where at least 50% of the property is used for rental purposes, the rental units are affordable to individuals or families, and the exemption is not available in cities with a population of one million or more.

Establishes an optional local tax exemption for affordable multi-family housing in New York.

The bill proposes an optional local tax exemption for affordable multi-family housing in New York. Cities, towns, and villages can implement this exemption based on recommendations from the Division of Housing and Community Renewal for each economic development region. The exemption applies to rental multiple dwellings where at least 50% of the property is used for rental purposes, the rental units are affordable to individuals or families, and the exemption is not available in cities with a population of one million or more.