New York Laws
Title 2 - Private Property
422 - Not-for-Profit Housing Companies.

(b) If any portion of such real property of such corporation is not
used exclusively for housing of those persons set forth in paragraph a
of this section but is leased or otherwise used for purposes pursuant to
article two of the private housing finance law, such portion, provided
it does not exceed ten per centum of the total, shall be subject to such
limited exemption as is authorized pursuant to article two of the
private housing finance law, and the remaining portion only shall be
fully exempt. If any portion of the real property of such corporation in
excess of ten per centum of the total is leased or otherwise used for
housing pursuant to article two of the private housing finance law, the
total property shall be subject to such limited exemption as is
authorized pursuant to article two of the private housing finance law.
Real property exempt from taxation pursuant to this paragraph shall also
be exempt from special ad valorem levies and special assessments to the
extent provided in section four hundred ninety of this chapter.
(c) In real property used in part for handicapped or aged persons of
low income priority and preference in the rental of such real property
for purposes not specified in paragraph a shall be given to a family of
a person legally responsible for the care of a handicapped or an aged
person residing in such real property. This preference and priority
shall apply to only one such family for each handicapped or aged tenant.
2. (a) The exemption provided in paragraphs (a) and (b) of subdivision
one of this section shall be upon condition that the property owned by
such corporation shall upon dissolution vest in such college,
university, educational institution, hospital, medical research
institute, child care institution, or other not-for-profit corporation,
if such college, university, educational institution, hospital, medical
research institution, child care institution, or other not-for-profit
corporation is exempt from taxation pursuant to the provisions of
section four hundred twenty-a or four hundred twenty-b of this article
and if no part of the net earnings of such college, university,
educational institution, hospital, medical research institute, child
care institution, or other not-for-profit corporation shall inure to the
benefit of any private individual.
(b) In the event that such college, university, educational
institution, hospital, medical research institute, child care
institution, or other not-for-profit corporation is not otherwise exempt
from taxation, title to the property shall nevertheless vest therein,
but only upon payment to the municipality of a sum equal to the total of
all accrued taxes, levies and assessments from which such property has
been exempt under the provisions of this section.

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