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Assessor Manuals, Exemption Administration

Exemption Administration Manual—Part 2: Multiple dwellings and urban renewal

Section 4.07 - PHFL Section 45-b: NYS Housing Finance Agency Subsidiary (Affordable Housing Corporation)

Exemption code(s)

18120

Year originally enacted:

1985

Related statutes:

PHFL §59-b, PHFL Article 19

Summary:

Real property owned by the Affordable Housing Corporation, a subsidiary of the NYS Housing Finance Agency, which is used for acquisition, construction, rehabilitation, or improvement of property to provide low- or moderate-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 Affordable Housing 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 acquisition, construction, rehabilitation, or improvement to provide housing for persons of low or moderate income.

Certification by state or local government:

None required.

Required construction start date or other time requirement:

None.

Local option

No.

Limitation on exemption

Limitation on exemption by amount, duration, and taxing jurisdiction
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

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

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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