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.

The following bills were signed by the Governor and chaptered.

A4390 / S5221
Extends limitations on the shift between classes of taxable property in the town of Orangetown, County of Rockland

A5329 / S432
Extends the expiration of the mortgage recording tax imposed by the city of Yonkers

A7793 / S8187
Extends the effectiveness of article 19-b of the real property actions and proceedings law providing for special proceedings to convey title to abandoned commercial and industrial real property

S4289A  OBERACKER
Relates to authorizing the county of Otsego to impose an additional mortgage recording tax of 25 cents per $100 of principal debt
Same as A 5167-A Tague
SUMM : Add §253-z, Tax L Authorizes the county of Otsego to impose an additional mortgage recording tax of 25 cents per $100 of principal debt or obligation.

S5780A  OBERACKER
Relates to establishing an additional mortgage recording tax in Chenango county
Same as A 5849-A Gallahan
SUMM : Add §253-z, Tax L Relates to establishing an additional mortgage recording tax in Chenango county; provides for the repeal of such provisions.

S5850C RHOADS
Authorizes Seaford Fire District to file with the county of Nassau assessor an application for a retroactive real property tax exemption
Same as A 5794-C McDonough
SUMM : Authorizes the Seaford Fire District to file with the county of Nassau assessor an application for a retroactive real property tax exemption.

S9291  MAYER
Authorizes the City of White Plains to alienate certain property owned by the City of White Plains and operated as the former Galleria of White Plains public parking garage
Same as A 10208 RULES COM Paulin
SUMM : Amd §§1 & 2, Chap 471 of 2023 Relates to the parcels that may be alienated by the City of White Plains and operated as the former Galleria of White Plains public parking garage.

Signed on September 22, the bill (A.1967/S.5400) establishes a flood risk “right to know” for homebuyers.

Previously sellers could opt that the buyer get a $500 credit at closing and the disclosure requirement was waived. This legislation eliminates the “credit provision” and requires the disclosure of information concerning flood risk, flood history, and flood insurance on real property transactions.

This bill removes the option of the seller to give a $500 credit to the purchaser for the failure to fill out the disclosure form.  The effective date of the bill is March 20, 2024.  Therefore, after that date, the $500 credit will no longer be available.

See the bill text HERE.

The following bills were signed by the Governor and chaptered. The link goes to the bill text.

S7561 - HOYLMAN-SIGAL -- Relates to procedures for appointment and reappointment of notaries public

S6822 -STEWART-COUSINS -- Extends the expiration of the mortgage recording tax imposed by the city of Yonkers

S7189 - BRESLIN -- Extends provisions of the property/casualty insurance availability act and the authority of the New York property insurance underwriting association