Governor Hochul has signed A8651-a/S7780-b.

TITLE OF BILL:
 
An act to amend the private housing finance law, in relation to the
amount of taxes paid by a cooperative
 
 
PURPOSE OF BILL:
 
This bill would authorize Article V mutual redevelopment companies in
cities with a population of over one million people to pay no more than
five percent tax on their shelter rent
 
 
SUMMARY OF PROVISIONS:
 
Section 1 of the bill amends section 125 of the private housing finance
law to ensure that.the shelter tax minimum rate for article five co-ops
is no greater than five percent

Section 2 is the effective date
 
 
JUSTIFICATION:
 
This bill would provide relief to Penn South, the only remaining Article
V co-op property. Penn South faces rising operational costs, which
threaten to impact building quality and financial health. There is an
acute shortage of affordable housing and this legislation would ensure
the viability of what already exists.
 
Additionally, this bill would ensure that Penn South receives equal tax
treatment compared to Article II Mitchell Lama developments.  These
properties were previously treated similarly and this bill would restore
that equal treatment.