421-E - Exemption of cooperative, condominium, homesteading and rental projects from local taxation.

§  421-e.  Exemption  of  cooperative,  condominium,  homesteading and  rental projects from local taxation. The local legislative body  of  any  city,  town  or  village is hereby authorized and empowered to adopt and  amend a local  law  to  provide  that  any  cooperative,    condominium,  homesteading  or rental project which receives payments, grants or loans  pursuant to article eighteen of the private housing finance law  or  any  new  construction  project  which  receives  payments,  grants  or loans  pursuant to article nineteen of the private housing finance law shall be  exempt from taxation as provided in such local law. Such local  law  may  provide  that  such  eligible  property  shall be exempt from all or any  portion of the taxes imposed by a municipality, including those  imposed  by  a school district, other than assessments for local improvements for  a period not to exceed twenty years in the aggregate after  the  taxable  status date immediately following the completion thereof, calculated not  to  exceed  the  following  exemptions:  twelve  years of full exemption  followed by two years of exemption from eighty percent of such taxation,  followed by two years of exemption from sixty percent of such  taxation,  followed  by two years of exemption from forty percent of such taxation,  followed by two years of exemption from twenty percent of such taxation;  provided that the tax exemption authorized by this section shall  be  in  addition  to any other tax exemption or abatement authorized by law, and  provided further, however, that in the event a cooperative, condominium,  homesteading or rental project ceases to  be  subject  to  one  or  more  provisions  of  article  eighteen  of  the  private  housing finance law  pursuant to the provisions of paragraph  (c)  of  subdivision  six-a  of  section  eleven  hundred  two  of such law, any tax exemption authorized  pursuant to this section with respect to the eligible property  of  such  project shall terminate.