§ 1974-B — Lease and other agreements

§ 1974-b. Lease and other agreements. 1. As used or referred to in\nthis title, unless a different meaning clearly appears from the context:\n (a) "owner" shall mean any individual, partnership, trust or public or\nprivate corporation (including a cooperative housing corporation),\nholding the tenant's interest in a residential lease.\n (b) "residential lease" shall mean a lease, sublease or other\nagreement that relates to all or a portion of a project, where all of\nsuch project, or the portion thereof to which such lease, sublease or\nother agreement relates, is designed and intended for the purpose of\nproviding housing accommodations and such facilities as may be\nincidental thereto, the landlord's interest in which is held by the\nauthority at the time such lease, sublease or other agreement is entered\ninto.\n (c) "underlying parcel" shall mean a parcel subject to a residential\nlease; provided, however, that in any case where the tenant's interest\nin a residential lease is held by a unit owner, "underlying parcel"\nshall mean the parcel in which the unit is included.\n (d) the terms "unit owner" and "unit" shall have the meanings\nspecified in section three hundred thirty-nine-e of the real property\nlaw. The term "parcel" shall have the meaning specified in section one\nhundred two of the real property tax law; provided, however, that in any\ncase where the tenant's interest in a residential lease is held by a\nunit owner, "parcel" shall mean the real property deemed to be a parcel\npursuant to paragraph (a) of subdivision two of section three hundred\nthirty-nine-y of the real property law.\n 2. (a) If an underlying parcel is exempt from real property taxes, or\nno real property taxes are payable with respect thereto, pursuant to the\nprovisions of section nineteen hundred eighty-one of this title or of\nsection twenty-two of chapter one hundred seventy-four of the laws of\nnineteen hundred sixty-eight, the residential lease for such underlying\nparcel shall provide for the payment by the owner of such residential\nlease to the authority of annual or other periodic amounts equal to the\namount of real property taxes that otherwise would be paid or payable\nwith respect to such underlying parcel, after giving effect to any real\nproperty tax abatements and exemptions, if any, which would be\napplicable thereto, if the provisions of section nineteen hundred\neighty-one of this title or of section twenty-two of chapter one hundred\nseventy-four of the laws of nineteen hundred sixty-eight were not\napplicable to such underlying parcel.\n (b) If an underlying parcel is owned by the city of New York, the\nresidential lease for such underlying parcel shall provide for the\npayment by the owner of such residential lease to the city of New York\nof annual or other periodic amounts equal to the amount of real property\ntaxes that are payable with respect to such underlying parcel, after\ngiving effect to any real property tax abatements and exemptions, if\nany, which are applicable thereto.\n (c) Where the owner of a residential lease is assessed for real\nproperty taxes with respect to the underlying parcel subject to such\nresidential lease pursuant to section five hundred two of the real\nproperty tax law and section three hundred thirty-nine-y of the real\nproperty law, payment of such real property taxes shall be credited\nagainst the annual or periodic amounts of tax equivalency payments,\npayments in lieu of taxes or similar payments required to be paid under\nsuch residential lease.\n