§ 556. Tax exemptions. Notwithstanding the provisions of section\nfifty-two, subdivisions three and four of the public housing law, or of\nsections thirty-three or ninety-three of this chapter, the real property\nin a project sold or leased as provided in this article, when the\ntransfer thereunder becomes effective, shall be exempt from local and\nmunicipal taxes, other than assessments for local improvements, only to\nsuch extent as may be granted by the local legislative body of any\nmunicipality in which such project is located; provided, however, that\nany company to which such project is so sold or leased shall pay, with\nrespect to each such project, local and municipal taxes in amounts not\nless than the sum or sums which the authority would be obligated to pay\nto the municipality had it not sold or leased the project to such\ncompany. The tax exemption shall operate and continue (1) so long as\ncapital loans of the company to which such project shall have been sold\nor leased are outstanding, or in case of lease, so long as obligations\nof the municipality or authority to the government granting financial\nassistance to the municipality or authority with respect to the project\nso leased shall continue and (2) until and unless the project shall be\nrepossessed by the authority or municipality. Any project that received\na tax exemption under this section may, upon the expiration of the tax\nexemption period, be granted an additional tax exemption period of up to\nfifty years, or until such time as the project is no longer operated\nunder the restrictions and for the purposes set forth in this article,\nwhichever is sooner.\n
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