New York S07123 reduces taxes on shelter rent to zero percent for certain housing projects.

New York S07123 amends the private housing finance law to reduce taxes on shelter rent to zero percent for housing projects in municipalities with populations under one million, with the consent of the local legislative body. In cities with populations of one million or more, taxes can be reduced to zero percent. The tax exemption applies to projects financed with a mortgage loan and continues as long as the mortgage is federally insured or the project is federally owned. The exemption can be renewed every ten years.

New York S07123 reduces taxes on shelter rent to zero percent for certain housing projects.

New York S07123 amends the private housing finance law to reduce taxes on shelter rent to zero percent for housing projects in municipalities with populations under one million, with the consent of the local legislative body. In cities with populations of one million or more, taxes can be reduced to zero percent. The tax exemption applies to projects financed with a mortgage loan and continues as long as the mortgage is federally insured or the project is federally owned. The exemption can be renewed every ten years.