§ 489. Exemption from taxation of alterations and improvements to\nmultiple dwellings to eliminate fire and health hazards; abatement. 1.\n(a) Any city to which the multiple dwelling law is applicable, acting\nthrough its local legislative body or other governing agency, is hereby\nauthorized and empowered, to and including January first, two thousand\ntwenty-two, to adopt and amend local laws or ordinances providing that\nany increase in assessed valuation of real property shall be exempt from\ntaxation for local purposes, as provided herein, to the extent such\nincrease results from:\n (1) conversion of buildings or structures on such property to class A\nmultiple dwellings not used in whole or in part for single room\noccupancy, including conversion of residential units qualified for the\nprotection of article seven-C of the multiple dwelling law in buildings\nclassified as interim multiple dwellings pursuant to such article to\nunits which are in compliance with the standards of safety and fire\nprotection set forth in article seven-B of the multiple dwelling law or\nto units which have a certificate of occupancy as class A multiple\ndwellings; or\n (2) alterations or improvements, including as improvements asbestos\nabatement to the extent such asbestos abatement is required by federal,\nstate or local law, on such property to eliminate unhealthy or dangerous\nconditions or to replace inadequate and obsolete sanitary facilities,\nany of which represent fire or health hazards, in any existing class A\nmultiple dwellings or buildings consisting of one or two dwelling units\nover space used for commercial occupancy, except insofar as the gross\ncubic content of the building is increased thereby; or\n (3) alterations or improvements on such property which are designed to\nconserve the use of fuel, electricity or other such energy sources in\nany dwellings or other buildings or structures described in clause one\nor two of this paragraph; or\n (4) alterations or improvements to the exterior walls of dwellings or\nother buildings or structures on such property in order to comply with\nany provision of law regulating dwellings, buildings, or structures that\nare in an area designated as an historic or landmark area or that are\ndesignated as historic or landmark buildings or structures; or\n (5) alterations or improvements constituting a moderate rehabilitation\nof a substantially occupied class A multiple dwelling within a city\nhaving a population of one million or more as certified by the local\nhousing agency pursuant to local law or rules and regulations; or\n (6) alterations or improvements constituting a substantial\nrehabilitation of a class A multiple dwelling or a conversion of a\nbuilding or structure into a class A multiple dwelling as part of a\nprogram to provide housing for low and moderate income households as\ndefined by the local housing agency pursuant to rules and regulations,\nprovided that such alterations or improvements or conversions shall be\naided by a grant, loan or subsidy from any federal, state or local\nagency or instrumentality, including, in the discretion of the local\nhousing agency, a subsidy in the form of a below market sale.\n Such conversion, alterations or improvements shall be completed within\nthirty months after the date on which same shall be started except that\nsuch thirty month limitation shall not apply to conversions of\nresidential units which are registered with the loft board in accordance\nwith article seven-C of the multiple dwelling law pursuant to\nsubparagraph one of this paragraph. Notwithstanding the foregoing, a\nsixty month period for completion shall be available for alterations or\nimprovements undertaken by a housing development fund company organized\npursuant to article eleven of the private housing finance law, which are\ncarried out with the substantial assistance of grants, loans or\nsubsidies from any federal, state or local governmental agency or\nin
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