File #: Int 0823-2008    Version: * Name: Tax exemption and abatement for alterations and improvements to multiple dwellings.
Type: Introduction Status: Enacted
Committee: Committee on Housing and Buildings
On agenda: 9/4/2008
Enactment date: 10/20/2008 Law number: 2008/050
Title: A Local Law to amend the administrative code of the city of New York, in relation to tax exemption and abatement for alterations and improvements to multiple dwellings.
Sponsors: Christine C. Quinn, Erik Martin Dilan, Gale A. Brewer, Leroy G. Comrie, Jr., Simcha Felder, Michael C. Nelson, Thomas White, Jr., Mathieu Eugene, David I. Weprin, Darlene Mealy, Alan J. Gerson, (in conjunction with the Mayor)
Council Member Sponsors: 12
Attachments: 1. Committee Report 9/17/08, 2. Hearing Testimony 9/17/08, 3. Hearing Transcript 9/17/08, 4. Committee Report 10/7/08, 5. Hearing Transcript 10/7/08, 6. Committee Report - Stated Meeting 10/7/08, 7. Hearing Transcript - Stated Meeting 10/7/08, 8. Fiscal Impact Statement, 9. Press Release, 10. Local Law
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
10/20/2008*Christine C. Quinn City Council Recved from Mayor by Council  Action details Meeting details Not available
10/20/2008*Christine C. Quinn Mayor Signed Into Law by Mayor  Action details Meeting details Not available
10/20/2008*Christine C. Quinn Mayor Hearing Held by Mayor  Action details Meeting details Not available
10/7/2008*Christine C. Quinn City Council Sent to Mayor by Council  Action details Meeting details Not available
10/7/2008*Christine C. Quinn City Council Approved by CouncilPass Action details Meeting details Not available
10/7/2008*Christine C. Quinn Committee on Housing and Buildings Hearing Held by Committee  Action details Meeting details Not available
10/7/2008*Christine C. Quinn Committee on Housing and Buildings Approved by CommitteePass Action details Meeting details Not available
9/17/2008*Christine C. Quinn Committee on Housing and Buildings Hearing Held by Committee  Action details Meeting details Not available
9/17/2008*Christine C. Quinn Committee on Housing and Buildings Laid Over by Committee  Action details Meeting details Not available
9/4/2008*Christine C. Quinn City Council Referred to Comm by Council  Action details Meeting details Not available
9/4/2008*Christine C. Quinn City Council Introduced by Council  Action details Meeting details Not available
Int. No. 823
 
By The Speaker (Council Member Quinn) and Council Members Dilan, Brewer, Comrie, Felder, Nelson, White Jr., Eugene, Weprin, Mealy and Gerson (in conjunction with the Mayor)
 
 
A Local Law to amend the administrative code of the city of New York, in relation to tax exemption and abatement for alterations and improvements to multiple dwellings.
 
 
Be it enacted by the Council as follows:
 
 
Section 1.  Section 11-243 of the administrative code of the city of New York is amended by adding a new paragraph 3-b to subdivision d to read as follows:
(3-b)  Notwithstanding any contrary provision of paragraph three of this subdivision, the availability of any benefits under this section to any multiple dwelling, building or structure owned and operated by a redevelopment company established pursuant to article five of the private housing finance law shall not be conditioned upon the assessed valuation of such multiple dwelling, building or structure, including land, as calculated as an average dollar amount per dwelling unit, at the time of the commencement of the alterations or improvements; provided, however, that such redevelopment company (i) is organized and operating as a mutual redevelopment company, (ii) continues to be organized and operating as a mutual redevelopment company and to own and operate the multiple dwelling, building or structure receiving such benefits, and (iii) has entered into a binding and irrevocable agreement with the commissioner of housing and community renewal of the state of New York, the supervising agency, the New York city housing development corporation, or the New York state housing finance agency prohibiting the dissolution or reconstitution of such redevelopment company pursuant to section one hundred twenty-three of the private housing finance law until the earlier to occur of (i) fifteen years from the commencement of such benefits, or (ii) the expiration of any tax exemption granted to such redevelopment company pursuant to section one hundred twenty-five of the private housing finance law.  For the purposes of this paragraph, the terms "mutual" and "supervising agency" shall have the same meanings as set forth in section one hundred two of the private housing finance law.
ยง 2.  This local law shall take effect immediately.