* § 421-p. Exemption of newly-constructed or converted rental multiple\ndwellings. 1. (a) A city, town or village may, by local law, provide for\nthe exemption of rental multiple dwellings constructed or converted in a\nbenefit area designated in such local law from taxation and special ad\nvalorem levies, as provided in this section. Subsequent to the adoption\nof such a local law, any other municipal corporation in which the\ndesignated benefit area is located may likewise exempt such property\nfrom its taxation and special ad valorem levies by local law, or in the\ncase of a school district, by resolution.\n (b) As used in this section, the term "benefit area" means the area\nwithin a city, town or village, designated by local law, to which an\nexemption, established pursuant to this section, applies.\n (c) The term "rental multiple dwelling" means a structure, other than\na hotel, consisting of ten or more dwelling units, where all of the\nunits are rented for residential purposes, and twenty-five percent of\nsuch units, upon initial rental and upon each subsequent rental\nfollowing a vacancy during the benefit period, are affordable to and\nrestricted to occupancy by individuals or families whose household\nincome does not exceed a weighted average of no less than sixty percent\nof the area median income and no more than eighty percent of the area\nmedian income, adjusted for family size, at the time that such\nhouseholds initially occupy such dwelling units, provided further that\nall of the income restricted units upon initial rental and upon each\nsubsequent rental following a vacancy during the restriction period or\nextended restriction period, as applicable, shall be affordable to and\nrestricted to occupancy by individuals or families whose household\nincome does not exceed one hundred percent of the area median income,\nadjusted for family size, at the time that such households initially\noccupy such dwelling units. Provided further, that any local law\nauthorizing an exemption pursuant to this section may provide for the\narea median income weighted average within the amounts set forth in this\nparagraph. Such restriction period shall be in effect coterminous with\nthe benefit period, provided, however, that the tenant or tenants in an\nincome restricted dwelling unit at the time such restriction period ends\nshall have the right to lease renewals at the income restricted level\nuntil such time as such tenant or tenants permanently vacate the\ndwelling unit.\n 2. Eligible newly-constructed or converted rental multiple dwellings\nin a designated benefit area shall be wholly exempt from taxation while\nunder construction, subject to a maximum of three years. Such property\nshall then be exempt for an additional period of twenty-five years,\nprovided, that the exemption percentage during such additional period of\ntwenty-five years shall begin at ninety-six percent and shall decrease\nby four percent each year thereafter. Provided, however:\n (a) Taxes shall be paid during the exemption period in an amount at\nleast equal to the taxes paid on such land and any improvements thereon\nduring the tax year preceding the commencement of such exemption.\n (b) No other exemption may be granted concurrently to the same\nimprovements under any other section of law.\n 3. To be eligible for exemption under this section, any new\nconstruction shall take place on vacant, predominantly vacant or\nunderutilized land, or on land improved with a non-conforming use or on\nland containing one or more substandard or structurally unsound\ndwellings, or a dwelling that has been certified as unsanitary by the\nlocal health agency. The provisions of this subdivision shall not apply\nto any new conversions undertaken pursuant to this section.\n 4. Application for exemption under this section shall be made on a\nform prescribed by the commissioner and filed with the assessor on or\nbefore the applicable taxable status date.\n 5. In t
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