New York A06654 amends the private housing finance law to allow tax reductions for certain housing projects in cities with populations over one.

New York A06654 amends the private housing finance law to allow tax reductions for housing projects in cities with populations over one million. The bill permits local legislative bodies in such cities to reduce taxes to five percent or less of the annual shelter rent or carrying charges of the project, including a full reduction. The tax reduction requires consent from the local legislative body and expires every ten years, reverting to the previous tax rate if not renewed.

New York A06654 amends the private housing finance law to allow tax reductions for certain housing projects in cities with populations over one.

New York A06654 amends the private housing finance law to allow tax reductions for housing projects in cities with populations over one million. The bill permits local legislative bodies in such cities to reduce taxes to five percent or less of the annual shelter rent or carrying charges of the project, including a full reduction. The tax reduction requires consent from the local legislative body and expires every ten years, reverting to the previous tax rate if not renewed.