§ 214-A — Rent control; tax exemption

§ 214-a. Rent control; tax exemption. 1. Notwithstanding the\nprovisions of the emergency housing rent control law and the regulations\npromulgated pursuant thereto, so long as the rents for any housing\naccommodations in any multiple dwelling aided by a loan pursuant to this\narticle remain subject to control by the agency, (1) the maximum rents\nfor such housing accommodations shall be those prescribed by the agency\npursuant to the provisions of this article; and (2) where the maximum\nrents for such accommodations, if the provisions of this article were\nnot applicable, would be prescribed by the provisions of the emergency\nhousing rent control law and such regulations, the provisions of the\nemergency housing rent control law with respect to evictions, and the\nprovisions of such regulations with respect to evictions, and no other\nprovisions of such law and regulations, shall apply to such\naccommodations. However, upon the expiration of such rent control by the\nagency pursuant to this article, such housing accommodations in such\ndwelling, if they would have been fully subject to the provisions of the\nemergency housing rent control law and such regulations immediately\nprior to such expiration, if not subject to the provisions of this\narticle, shall again be subject to the provisions of the emergency\nhousing rent control law and such regulations to the same extent and in\nthe same manner as if such accommodations had not been subject to the\nprovisions of this article, except that with respect to any such\naccommodations again subject to the provisions of the emergency housing\nrent control law and such regulations, the maximum rent therefor in\neffect pursuant to the provisions of this article at the time of such\nexpiration, shall be the maximum rent for such accommodations under the\nemergency housing rent control law and regulations, subject to\nadjustment pursuant to such law and regulations, giving due regard to\nall the equities.\n 2. The municipality may, by local law, provide for exemption from\ntaxation of any increase in valuation resulting from the installation,\nalterations or improvements performed with the aid of such loans or for\nabatement of taxation on such property, including the land, or for both\nsuch exemption and abatement, to the same extent, for the same period,\nand under the same terms and conditions as such exemption or abatement,\nor both, may be provided by local law enacted under the terms of any\ncurrently effective statute authorizing the granting of tax exemption or\ntax abatement, or both, in aid of the rehabilitation, alteration or\nimprovement of multiple dwellings or the elimination of unhealthful or\ndangerous conditions therein. Notwithstanding any contrary provisions of\nany general, special or local law, a property aided by a loan pursuant\nto this article shall not be ineligible for tax exemption or tax\nabatement or both, as provided by local law enacted pursuant to statute,\nsolely because such property is not subject to control of rents under\nthe emergency housing rent control law, but such tax exemption and tax\nabatement shall terminate if and when such property is subject to\ncontrol of rents neither under the emergency housing rent control law or\nthis article.\n