§ 420-c. Exemption from local real property taxation of certain low\nincome housing accommodations in a city having a population of one\nmillion or more. 1. In a city having a population of one million or\nmore, real property owned by a corporation, partnership or limited\nliability company formed for the purpose of providing housing\naccommodations for persons and families of low income as defined in\nsection two of the private housing finance law and used for such\npurpose, shall be exempt from local real property taxation, provided\nthat such corporation, partnership or limited liability company: (a) is\norganized as a non-profit housing development fund company pursuant to\narticle eleven of the private housing finance law, or is a non-profit\nhousing corporation as defined in article eleven of the private housing\nfinance law which is not incorporated as a housing development fund\ncompany as defined in article eleven of the private housing finance law,\nor is a wholly-owned subsidiary of such a company or is a partnership or\nlimited liability company the controlling interest of which is held by\nsuch a company or corporation or by a wholly owned subsidiary of such a\ncompany or by a corporation sponsored or formed by such a company or\ncorporation; and (b) has received a loan from a municipality, the state\nor the housing trust fund corporation established pursuant to section\nforty-five-a of the private housing finance law or any successor\ncorporation; and (c) enters into a regulatory agreement with the\nmunicipality, the state or the housing trust fund corporation\nestablished pursuant to section forty-five-a of the private housing\nfinance law or any successor corporation guaranteeing the provision of\nhousing accommodations for persons and families of low income; and (d)\nis a participant in the federal low income housing tax credit program\nestablished pursuant to section forty-two of the internal revenue code\nof nineteen hundred eighty-six, as amended. Any exemption pursuant to\nthis section shall expire upon the expiration or termination of the\nregulatory agreement.\n 2. An exemption may be granted pursuant to this section only upon\napplication by the owner on a form prescribed by the commissioner or any\ncomparable form, which application shall be accepted by the assessor of\nsuch city as provided in this subdivision and in the rules and\nregulations promulgated pursuant to this section by the department of\nhousing preservation and development in such city. No such application\nshall be accepted by the assessor unless accompanied by a certificate of\nthe department of housing preservation and development in such city\ncertifying the applicant's eligibility pursuant to this section.\nNotwithstanding section three hundred two of this chapter, an exemption\ngranted pursuant to this section shall commence as of the effective date\nof the regulatory agreement with the municipality, the state or the\nhousing trust fund corporation established pursuant to section\nforty-five-a of the private housing finance law or any successor\ncorporation regardless of when the application for such exemption is\napproved. The department of housing preservation and development may\npromulgate rules and regulations to carry out the provisions of this\nsection, and may require a reasonable filing fee in an amount provided\nby such rules and regulations.\n 3. An exemption from local real property taxation pursuant to this\nsection shall be governed solely by subdivisions one and two of this\nsection if the application for such exemption is approved before the\neffective date of this subdivision and shall be governed solely by\nsubdivision four of this section if the application for such exemption\nis approved on or after the effective date of this subdivision. Any tax\nexemption pursuant to subdivisions one and two of this section that is\nin effect on the effective date of this subdivision shall continue in\naccordance with the p
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