NY Gov signs bills effecting NYC real estate

New York, NY The Real Estate Board of New York (REBNY) was actively involved in the passage of two crucial bills that recently became law. The New York State Legislature passed -- and the governor signed -- a bill (A10688/S07714) that extends the cooperative and condominium real property tax abatement for four years. This legislation extends the 17.5% reduction in a property's assessed value (25%... [more]

New York, NY The Real Estate Board of New York (REBNY) was actively involved in the passage of two crucial bills that recently became law. The New York State Legislature passed -- and the governor signed -- a bill (A10688/S07714) that extends the cooperative and condominium real property tax abatement for four years. This legislation extends the 17.5% reduction in a property's assessed value (25% for properties assessed at less than $15,000). This law will continue an important real property tax benefit for residential cooperative and condominium owners, helping to lower the real estate tax burden on their homes. The governor also signed a bill (A11114/S7066) into law that authorizes the state's use and allocation of more than $1 billion of private activity bonds that have been used to spur a wide range of economic activity throughout the state. This legislation permits multi-year tax exempt financing for 80/20 projects, which will result in hundreds of millions of dollars of investment in new residential development. In particular, this law will lower the cost of project financing and help developers create much needed market rate and low income residential rental apartments. [less]