Alters tax exemption programs for the development of new and affordable housing.
The bill amends the real property tax law to alter tax exemption programs for the development of new and affordable housing. It defines "initial construction period" and "extended construction period" and makes related changes. The bill specifies the exemption periods and percentages for different types of housing developments and outlines the conditions for eligibility and revocation of tax exemptions. It also mandates that a portion of any additional floor area generated by a program must be used to provide affordable housing.
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