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Assessor's Manual, Volume 4, ExemptionAdministration

Exemption Administration Manual - Part 2
Multiple Dwellings

Section 4.07 - PHFL Section 45-a

NYS Housing Finance Agency Subsidiary
(Housing Trust Fund Corporation)
PHFL Section 45-a

Exemption Code(s): 18120 Year Originally Enacted: 1985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.

  1. ELIGIBILITY REQUIREMENTS:
    1. Ownership Requirements: Property must be owned by the Housing Trust Fund Corporation, a subsidiary of the NYS Housing Finance Agency.
    2. 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.
    3. 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).
    4. Certification by State or Local Government: None required.
    5. Required Construction Start Date or Other Time Requirement: None.
  2. LOCAL OPTION: No
  3. 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-Exemptâ â â â â â Tax-Taxableâ â â â â â NA-Not Applicable
  4. PAYMENTS IN LIEU OF TAXES: None required.
  5. CALCULATION OF EXEMPTION:
    1. General Municipal and School District Taxes: 100% of assessed value.
    2. Special Ad Valorem Levies and Special Assessments: No exemption allowed.
  6. CODING OF EXEMPTION ON ASSESSMENT ROLL:
    CodeDescription 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.

  7. FILING REQUIREMENTS (Owner or Occupant of Property): None.
  8. REPORTING REQUIREMENTS (Assessor): None.
  9. SIMILAR EXEMPTIONS:
    SubjectStatute
    Public authorities RPTL §412 & Pub Auth L
    State of New York (generally) RPTL §404(1)
  10. SIMILAR EXEMPTIONS: See also Chart IA and Chart IB.

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