Exemption Administration Manual, Part 2: Multiple dwellings and urban renewal—Section 4.07 Preceding the Exemption Profiles for urban renewal exemption statutes, three summary charts are presented. These outline the eligibility requirements that must be met to qualify property for exempt status.

Assessor Manuals

Section 4.07

Preceding the Exemption Profiles for urban renewal exemption statutes, three summary charts are presented. These outline the eligibility requirements that must be met to qualify property for exempt status.

Chart IIA: Ownership, location, and project date requirements.

Eligibility requirements are summarized for the six types of owners that may qualify for exemption:

1. community development corporations,
2. municipalities,
3. municipal urban renewal agencies,
4. the NYS Urban Development Corporation,
5. urban redevelopment corporations, and
6. miscellaneous owners of urban development action area projects.

The chart describes any statutory limitations on the location of the property or the beginning or completion date of project development. It also references the law section of the Exemption Profile that should be referred to for detailed information on eligibility requirements. An exemption number is given at the right of the chart as an aid in reading Chart IIB.

Chart IIB: Property use requirements.

This chart summarizes, by statute and type of owner, the purposes for which the property must be used to qualify it for exemption.

Chart IIC: Organizational requirements.

In this chart two types of private development companies that may qualify for exemption are described in terms of how they must be organized. The chart gives the law or laws under which each must be incorporated and summarizes the extent to which each company's certificate of incorporation must limit its corporate purposes or activities.

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