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Assessor's Manual, Volume 4, ExemptionAdministration

Exemption Administration Manual - Part 2
Urban Renewal

Section 4.07

II. URBAN RENEWAL EXEMPTIONS

A. Eligibility Requirements: Ownership, Location, and Project Date Requirements

Limitation on

Owner Location Project Date

Statute

Exemption #
1. Community development corporation None None PHFL §260 U-01
2. Municipality None None Gen Muny L
§ §506, 560
U-02
3. Municipal urban
renewal agency
None None Gen Muny L
§ §555, 560
U-03
4. NYS Urban Development Corporation None Yes* McK U Con L
§6272
U-04
5. Urban redevelopment corporation Cities None PHFL §211 U-05
6. Miscellaneous owners - urban development action area project Cities having a
population of 100,000
or more
None Gen Muny L §696 U-06
* UDC must not expend any of the proceeds from the sale of assets to, or the borrowing from, the NYS Project Finance Agency for the construction or development of any new project which on 2/25/75 was not under construction by the UDC or the subject of a contract or other legally binding commitment for the construction or financing thereof by the UDC.

B. Eligibility Requirements: Property Use Requirements

Exemption Statute Owner Property Use Requirements
U-01 PHFL §260 Community development corporation Property must be used for urban renewal purposes.
U-02 Gen Muny L
§506, 560
Municipality Property must be used for urban renewal purposes - the redevelopment, through clearance, replanning, reconstruction, rehabilitation, and concentrated code enforcement, of substandard and insanitary areas.
U-03 Gen Muny L
§ §555, 560
Municipal urban renewal agency See Exemption U-02 above.
U-04 McK U Con L §6272 NYS Urban Development Corporation Property must be used for urban renewal purposes - clearance, replanning, reconstruction, and rehabilitation of the area involved and development of recreational and other facilities incidental or appurtenant thereto.
U-05 PHFL §221 Urban redevelopment corporation Property must be used for urban renewal purposes - clearance, rehabilitation, and reconstruction of a substandard and insanitary urban area.
U-06 Gen Muny L §696 Miscellaneous owners -- urban development action area project Project must be used for urban renewal purposes and must include the construction of a new structure or the renovation, rehabilitation, or conversion of an existing structure where the cost of such renovation, rehabilitation, or construction is at least equal to 100% of the assessed value of the structure in the tax year immediately preceding the granting of the tax exemption.

C. Eligibility Requirements: Organizational Requirements

Type of Company

Law(s) under Which
Incorporation Required

Restrictions on Corporate Purposes or Activities as
Stated in Certificate of Incorporation

Community development
corporation
NPCL 1. Corporation must be organized exclusively to serve a civic, cultural, and/or recreational purpose.

2. All income of corporation must be used exclusively for its corporate purposes.

3. None of corporation's net income may inure to the benefit or profit of any private individual or organization.

Urban redevelopment
corporation
Bsns Corp L Article 4 1. Corporation must be organized to plan and carry out a development project for the clearance, rehabilitation, and reconstruction of a substandard and insanitary urban area under the supervision of the city's planning commission and its board of estimate or other appropriate official or agency.

2. Corporation may not undertake more than one development project.

3. While any of the corporation's real property is exempt from taxation the corporation is limited in the amount that it may pay in interest on its debentures and dividends on its stock.

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