Authorizes a tax abatement for alterations and improvements to multiple dwellings to preserve habitability in affordable housing.

The bill amends the real property tax law to authorize a tax abatement for alterations and improvements to multiple dwellings, specifically targeting eligible rental buildings, homeownership buildings, and regulated homeownership buildings. These buildings must contain at least three dwelling units and meet certain affordability criteria. The abatement applies to eligible constructions that meet specific conditions, including being identified on a certified reasonable cost schedule, meeting a minimum scope of work threshold, and having a completion date on or after the effective date of the.

Authorizes a tax abatement for alterations and improvements to multiple dwellings to preserve habitability in affordable housing.

The bill amends the real property tax law to authorize a tax abatement for alterations and improvements to multiple dwellings, specifically targeting eligible rental buildings, homeownership buildings, and regulated homeownership buildings. These buildings must contain at least three dwelling units and meet certain affordability criteria. The abatement applies to eligible constructions that meet specific conditions, including being identified on a certified reasonable cost schedule, meeting a minimum scope of work threshold, and having a completion date on or after the effective date of the.