N.Y. Public Housing Law § 214-a: Rent control; tax exemption

§ 214-a. Rent control; tax exemption. 1. Notwithstanding the

provisions of the emergency housing rent control law and the regulations

promulgated pursuant thereto, so long as the rents for any housing

accommodations in any multiple dwelling aided by a loan pursuant to this

article remain subject to control by the agency, (1) the maximum rents

for such housing accommodations shall be those prescribed by the agency

pursuant to the provisions of this article; and (2) where the maximum

rents for such accommodations, if the provisions of this article were

not applicable, would be prescribed by the provisions of the emergency

housing rent control law and such regulations, the provisions of the

emergency housing rent control law with respect to evictions, and the

provisions of such regulations with respect to evictions, and no other

provisions of such law and regulations, shall apply to such

accommodations. However, upon the expiration of such rent control by the

agency pursuant to this article, such housing accommodations in such

dwelling, if they would have been fully subject to the provisions of the

emergency housing rent control law and such regulations immediately

prior to such expiration, if not subject to the provisions of this

article, shall again be subject to the provisions of the emergency

housing rent control law and such regulations to the same extent and in

the same manner as if such accommodations had not been subject to the

provisions of this article, except that with respect to any such

accommodations again subject to the provisions of the emergency housing

rent control law and such regulations, the maximum rent therefor in

effect pursuant to the provisions of this article at the time of such

expiration, shall be the maximum rent for such accommodations under the

emergency housing rent control law and regulations, subject to

adjustment pursuant to such law and regulations, giving due regard to

all the equities.

2. The municipality may, by local law, provide for exemption from

taxation of any increase in valuation resulting from the installation,

alterations or improvements performed with the aid of such loans or for

abatement of taxation on such property, including the land, or for both

such exemption and abatement, to the same extent, for the same period,

and under the same terms and conditions as such exemption or abatement,

or both, may be provided by local law enacted under the terms of any

currently effective statute authorizing the granting of tax exemption or

tax abatement, or both, in aid of the rehabilitation, alteration or

improvement of multiple dwellings or the elimination of unhealthful or

dangerous conditions therein. Notwithstanding any contrary provisions of

any general, special or local law, a property aided by a loan pursuant

to this article shall not be ineligible for tax exemption or tax

abatement or both, as provided by local law enacted pursuant to statute,

solely because such property is not subject to control of rents under

the emergency housing rent control law, but such tax exemption and tax

abatement shall terminate if and when such property is subject to

control of rents neither under the emergency housing rent control law or

this article.