§ 125. Tax exemptions. 1. (a) The local legislative body of any\nmunicipality in which a project of such company is or is to be located\nmay by contract agree with any redevelopment company to exempt from\nlocal and municipal taxes, other than assessments for local\nimprovements, all or part of the value of the property included in such\nproject which represents an increase over the assessed valuation of the\nreal property, both land and improvements, acquired for the project at\nthe time of its acquisition by the redevelopment company which\noriginally undertook the project and for such definite period of years\nas such contract may provide, except that where the real property in a\nproject was acquired for purposes of rehabilitation, the local\nlegislative body either may utilize the foregoing formula or may agree\nto exempt from such taxes all or part of the value of the property\nincluded in such project on condition that the amount of such taxes to\nbe paid shall not be less than ten per centum of the annual shelter rent\nor carrying charges of such rehabilitation project. The tax exemption\nshall not operate for a period of more than twenty-five years,\ncommencing in each instance from the date on which the benefits of such\nexemption first become available and effective; provided, however, that\nwith respect to a project either acquired by a mutual redevelopment\ncompany pursuant to section one hundred twenty-six or owned and\ncontinuing to be owned by a mutual redevelopment company which would\nrequire substantial increases in carrying charges after the period of\ntax exemption is ended unless relief is provided, the local legislative\nbody may contract with such mutual redevelopment company to extend such\ntax exemption for not more than twenty-five additional years at a rate\nof tax exemption not to exceed an average of fifty per centum during\nsuch additional period, provided that the tax exemption during the first\ntwo years of such additional period shall continue at the rate of the\ntax exemption of such project immediately preceding the termination of\nthe initial twenty-five year period and that the tax exemption\nthereafter shall be decreased in equal biennial decrements, the first of\nwhich shall occur immediately following such two year period, and\nprovided that such contract shall contain provisions as to income\nlimitations relating to admission and continued occupancy of the project\nand provisions as to rental surcharges to the same effect as are\ncontained in subdivisions two, three, four and five of section\nthirty-one, except that in the case of projects owned and continuing to\nbe owned by mutual redevelopment companies, persons or families whose\nprobable aggregate annual income does not exceed the median income for\nfamilies of the same size in the same metropolitan area shall also be\neligible for admission to the project on the understanding that any\nperson or family becoming eligible by reason hereof whose probable\naggregate annual income at the time of admission or during the period of\noccupancy exceeds, the greater of (i) the median income for such persons\nor families for the metropolitan statistical area in which the project\nis located, or if a project is located outside a metropolitan\nstatistical area, the median income for such persons or families for the\ncounty in which the project is located, as most recently determined by\nthe United States department of housing and urban development, in which\ncase any person or family becoming eligible for admission pursuant to\nthis subparagraph shall pay, from the time of admission, a rental\nsurcharge as provided for in subdivision three of section thirty-one of\nthis chapter, computed on the basis of the income limitations applicable\nto such persons or families in the absence of this subparagraph, or (ii)\nsix times the rental shall be liable for payment of rental surcharges\nhereunder computed on the basis of such ratio, except that in th
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