Exemption Administration Manual, Part 2: Multiple dwellings and urban renewal—Section 4.07 - PHFL Section 45-a: NYS Housing Finance Agency Subsidiary (Housing Trust Fund Corporation)
Assessor Manuals
Section 4.07 - PHFL Section 45-a: NYS Housing Finance Agency Subsidiary (Housing Trust Fund Corporation)
Exemption code(s)
18120
Year originally enacted:
1985
Related statutes:
PHFL §59-a, PHFL Article 18, PHFL Article 18-A ( §1106-h)
Summary:
Real property owned by the Housing Trust Fund Corporation, a subsidiary of the NYS Housing Finance Agency, which is used for rehabilitation, conversion, or new construction to provide low-income housing is wholly exempt from taxation, but is liable for special ad valorem levies and special assessments.
Eligibility requirements
Ownership requirements:
Property must be owned by the Housing Trust Fund Corporation, a subsidiary of the NYS Housing Finance Agency.
Property location requirements:
Property must be located in an area that is blighted, deteriorated, or deteriorating, or has a blighting effect on the surrounding area, or is in danger of becoming a slum or a blighted area.
Property use requirements:
Property must be intended for rehabilitation, conversion, or new construction to provide housing for persons of low income (see Chart ID for the definition of low income).
Certification by state or local government:
None required.
Required construction start date or other time requirement:
None.
Local option
No.
Limitation on exemption
General municipal taxes | School district taxes | Special ad valorem tax | Special assessments | ||
---|---|---|---|---|---|
1. Amount | No limit | No limit | No exemption allowed | No exemption allowed | |
2. Duration | No limit | No limit | No exemption allowed | No exemption allowed | |
3. Taxing Jurisdiction | a. County or County Special Districts | Ex | NA | Tax | Tax |
b. City | Ex | NA | NA | Tax | |
c. Town or Town Special District | Ex | NA | Tax | Tax | |
d. Village | Ex | NA | NA | Tax | |
e. School District | NA | Ex | NA | NA | |
Ex-Exempt Tax-Taxable NA-Not Applicable |
Payments in lieu of taxes
None required.
Calculation of exemption
General municipal and school district taxes:
100% of assessed value.
Special ad valorem levies and special assessments:
No exemption allowed.
Coding of exemption on assessment roll
Code | Description of alternative codes possible |
---|---|
18120 |
Assessment roll section(s):
Exempt (ARLM Section 8).
Note: This code should not be used to identify property that is exempt under any of the statutes listed under Similar Exemptions below.
Filing requirements (owner or occupant of property)
None.
Reporting requirements (assessor)
None.
Similar exemptions
Subject | Statute |
---|---|
Public authorities | RPTL §412 & Pub Auth L |
State of New York (generally) | RPTL §404(1) |
Also see: Chart IA and Chart IB. |
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