§ 422. Not-for-profit housing companies. 1. (a) Real property owned by\na not-for-profit corporation organized pursuant to the not-for-profit\ncorporation law and the provisions of article two of the private housing\nfinance law, used exclusively to provide housing and auxiliary\nfacilities for faculty members, students, employees, nurses, interns,\nresident physicians, researchers and other personnel and their immediate\nfamilies in attendance or employed at colleges, universities,\neducational institutions, child care institutions, hospitals and medical\nresearch institutes, or for handicapped or aged persons of low income,\nor owned by non-profit nursing home companies organized pursuant to the\nnot-for-profit corporation law and the provisions of article\ntwenty-eight-A of the public health law, used exclusively to provide\nfacilities for nursing care to sick, invalid, infirm, disabled or\nconvalescent persons of low income, or to provide health-related service\nas defined in article twenty-eight of the public health law to persons\nof low income, or any combination of the foregoing, and in addition\nthereto, to provide nursing care and health-related service, or either\nof them, to persons of low income who are not occupants of the project,\nor owned by housing development fund companies organized pursuant to the\nnot-for-profit corporation law and article eleven of the private housing\nfinance law, used exclusively to provide housing for handicapped or aged\npersons of low income, and financed by a federally-aided mortgage as\ndefined in said article eleven, or owned by companies organized pursuant\nto the not-for-profit corporation law and the provisions of article\nseventy-five of title E of the mental hygiene law, used exclusively to\nprovide care, treatment, training, education and residential\naccommodations for operation as hostels for people with mental illness\nor developmental disabilities, or owned by companies organized pursuant\nto the membership corporations law and the provisions of article seven-A\nof the private housing finance law, used exclusively to provide\nprograms, services and other facilities for the aging, shall be exempt\nfrom taxation and exempt from special ad valorem levies and special\nassessments to the extent provided in section four hundred ninety of\nthis chapter, provided, however, that in a city having a population of\none million or more real property owned by any such corporation which is\nto provide housing accommodations, substantially all of which are or are\nto be assisted by rent subsidies made or to be made available by the\nFederal government pursuant to a contract under section eight of the\nUnited States Housing Act of nineteen hundred thirty-seven, as amended,\nor pursuant to a project rental assistance contract under section two\nhundred two of the United States Housing Act of nineteen hundred\nfifty-nine, as amended, or pursuant to a project rental assistance\ncontract under section eight hundred eleven of the National Affordable\nHousing Act of nineteen hundred ninety, as amended, shall from and after\nthe commencement of construction be subject to taxation or exempt\ntherefrom to the extent approved by a municipality acting through its\nlocal legislative body, as such local legislative body is defined in\nsubdivision twelve of section two of the private housing finance law. No\nsuch corporation or company shall pay a dividend on any of its stock or\npay interest on any of its debentures. Provided further, however, in a\ncounty having a population of one million or more and having not more\nthan three towns within such county, real property owned by housing\ndevelopment fund companies organized pursuant to the not-for-profit\ncorporation law and article eleven of the private housing finance law,\nused exclusively to provide housing for handicapped or aged persons of\nlow income, and financed by a federally-aided mortgage as defined in\nsaid article eleven shall from and
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