§ 457-a. Exemption for eligible residential property transferred to a\nlow-income household. 1. As used in this section:\n (a) "Nonprofit housing organization" means a nonprofit organization\nexempt from certain taxes pursuant to section 501(c)(3) or section\n501(c)(4) of the United States internal revenue code and/or that is\nincorporated under the not-for-profit corporation law whose primary\npurpose is the construction or renovation of residential affordable\nhousing for conveyance to households that meet certain income\nrequirements.\n (b) "Community land trust" means a nonprofit organization exempt from\ncertain taxes pursuant to section 501(c)(3) or section 501(c)(4) of the\nUnited States internal revenue code and/or that is incorporated under\nthe not-for-profit corporation law whose primary purpose is to provide\naffordable housing by owning land and leasing or selling residential\nhousing situated on that land to households that meet certain income\nrequirements.\n (c) "Land bank" means an entity created in accordance with article\nsixteen of the not-for-profit corporation law.\n (d) "Qualified low-income household" means a household with an income\nupon initial occupancy of the residential property of not more than\neighty percent of the area median income, as annually defined by the\nUnited States department of housing and urban development, and which has\nagreed to occupy such residential property as a primary residence. A\nnonprofit housing organization, community land trust, land bank, or\nappropriate governmental entity shall certify that a household meets the\nincome and residency criteria to be considered a qualified low-income\nhousehold and shall determine the income and assets that shall be used\nto determine a household's income for eligibility purposes.\n 2. (a) Residential real property subject to a restrictive covenant or\ndeclaration, legal requirement, regulatory agreement or other\ncontractual obligation with a governmental entity, nonprofit housing\norganization, or land bank, and transferred to a qualified low-income\nhousehold, or where the land is transferred to a community land trust\nand the residential building situated on the land is or will be leased\nor sold to a qualified low-income household, shall be exempt as provided\nin paragraph (b) of this subdivision from taxation levied by or on\nbehalf of any county, city, town, village or school district in which\nsuch residential real property is located, provided the legislative body\nor governing board of such county, city, town or village, after public\nhearing, adopts a local law, or a school district, other than a school\ndistrict to which article fifty-two of the education law applies, adopts\na resolution opting in to this subdivision.\n (b) The real property tax exemption authorized pursuant to paragraph\n(a) of this subdivision shall be an amount that is not less than\ntwenty-five percent nor more than seventy-five percent of the assessed\nvalue of the residential real property.\n (c) A copy of any local law or resolution adopted pursuant to\nparagraph (a) of this subdivision shall be filed with the assessor of\nthe county, city, town, or village that prepares the assessment roll on\nwhich the taxes of such county, city, town, village, or school district\nare levied.\n 3. (a) The exemption granted pursuant to this section shall be\ndiscontinued if the property granted such exemption:\n (i) ceases to be used primarily for residential purposes; or\n (ii) ceases to be used as a primary residence; or\n (iii) is transferred to another person or entity, other than to any\nheirs or distributees of the owner that meet the requirements of being a\nqualified low-income household at the time of such transfer.\n (b) Upon determining that an exemption granted pursuant to this\nsection should be discontinued, the assessor shall mail a notice so\nstating to the owner or owners thereof at the time and in the manner\nprovided by section fiv
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