Senior Cooperative Housing Authority Projects

Real property or buildings used to provide dwelling accommodations that substantially benefit persons with low income (project property) that is owned, leased, or under construction by a local housing authority, or an entity that is partially or wholly owned by a local housing authority, is exempt from property taxation. Section 1 of the bill clarifies that a "senior cooperative housing project" may qualify for such property tax exemption as a "project" of a local housing authority. A "senior cooperative housing project" is defined as a multi-unit residential building or complex occupied by qualifying seniors that is owned by a cooperative or cooperative housing corporation. A "qualifying senior" is an individual who is at least 65 years old and of low income.The affordable rental housing component of property in a public-private partnership between the middle-income housing authority and one or more public or private entities or persons is exempt from property taxation. Section 2 clarifies that a "senior cooperative housing project" that otherwise meets the qualifications and is selected by the authority may qualify for such property tax exemption as an "affordable rental housing project". "Senior cooperative housing project" has the same meaning as in section 1. A "qualifying senior" also has the same meaning as in section 1 and includes an individual who is of middle income. (Note: This summary applies to this bill as introduced.)