Authorizes tax reductions for housing projects in cities with over one million residents.

This bill amends the private housing finance law to allow for tax reductions on housing projects in cities with a population of one million or more. Upon consent from the local legislative body, taxes can be reduced to five percent or less of the annual shelter rent or carrying charges of the project. This consent expires every ten years, and if not renewed, the tax rate reverts to the previous level. The bill also clarifies definitions and provisions related to tax exemptions and shelter rent.

Authorizes tax reductions for housing projects in cities with over one million residents.

This bill amends the private housing finance law to allow for tax reductions on housing projects in cities with a population of one million or more. Upon consent from the local legislative body, taxes can be reduced to five percent or less of the annual shelter rent or carrying charges of the project. This consent expires every ten years, and if not renewed, the tax rate reverts to the previous level. The bill also clarifies definitions and provisions related to tax exemptions and shelter rent.