New York Laws
Title 2-E - Tax Exemption for Certain Construction Work on Mixed-Use Property in Cities Having a Population of One Million or More
489-CCCCC - Eligibility for Benefits.

(a) a statement that within the seven years immediately preceding the
date of application for a certificate of eligibility, neither the
applicant, nor any person owning a substantial interest in the property
as defined in paragraph (c) of this subdivision, nor any officer,

director or general partner of the applicant or such person was finally
adjudicated by a court of competent jurisdiction to have violated
section two hundred thirty-five of the real property law or any section
of article one hundred fifty of the penal law or any similar arson law
of another jurisdiction with respect to any building, or was an officer,
director or general partner of a person at the time such person was
finally adjudicated to have violated such law; and
(b) a statement setting forth any pending charges alleging violation
of section two hundred thirty-five of the real property law or any
section of article one hundred fifty of the penal law or any similar
arson law of another jurisdiction with respect to any building by the
applicant or any person owning a substantial interest in the property as
defined in paragraph (c) of this subdivision, or any officer, director
or general partner of the applicant or such person, or any person for
whom the applicant or person owning a substantial interest in the
property is an officer, director or general partner.
(c) "Substantial interest" as used in this subdivision and subdivision
nine of this section shall mean ownership and control of an interest of
ten per centum or more in a property or any person owning a property.
9. (a) If any person described in the statement required by paragraph
(b) of subdivision eight of this section or paragraph (b) of this
subdivision is finally adjudicated by a court of competent jurisdiction
to be guilty of any charge listed in such statement, the recipient shall
cease to be eligible for benefits pursuant to this title and shall pay,
with interest, any taxes for which an exemption was claimed pursuant to
this title.
(b) The recipient shall, on the certificate of continuing use, state
whether any charges alleging violation by the recipient or any person
owning a substantial interest in the property, or any officer, director
or general partner of the recipient or person owning a substantial
interest in the property, or any person for whom the recipient or person
owning a substantial interest in the property is an officer, director or
general partner, of section two hundred thirty-five of the real property
law or any section of article one hundred fifty of the penal law or any
similar arson law of another jurisdiction, are pending. For purposes of
this paragraph, "substantial interest" shall have the same meaning as
set forth in paragraph (c) of subdivision eight of this section.
10. In addition to any other qualifications for exemption from payment
of taxes set forth in this title, an applicant must be:
(a) obligated to pay real property tax on the property for which an
exemption is sought, whether such obligation arises because of record
ownership of such property, or because the obligation to pay such tax
has been assumed by contract; or
(b) the record owner or lessee of property which is exempt from real
property taxation who has entered into an agreement to sell or lease
such property to another person. Such person shall be a co-applicant
with such owner or lessee.
11. A co-applicant with a public entity shall be an eligible recipient
pursuant to this title, provided that for such period as the property
which is the subject of the certificate of eligibility is exempt from
real property taxation because it is owned or controlled by a public
entity no benefits shall be available to such recipient pursuant to this
title. Such recipient shall receive benefits pursuant to this title when
such property ceases to be eligible for exemption pursuant to other
provisions of law, as follows: the recipient shall, commencing with the
date such tax exemption ceases, and continuing until the expiration of
the benefit period pursuant to this title, receive the benefits to which

such recipient is entitled in the corresponding tax year pursuant to
this title.
12. Notwithstanding the provisions of any local law for the
stabilization of rents in multiple dwellings or the emergency tenant
protection act of nineteen seventy-four, the rents of a dwelling unit in
property which is the subject of a certificate of eligibility pursuant
to this title shall be fully subject to control under such local law,
unless exempt under such local law from control by reason of the
cooperative or condominium status of the dwelling unit, for the entire
period for which such property is receiving benefits pursuant to this
title, provided, however, that for purposes of this subdivision, a
property receiving benefits pursuant to this title whose benefits are
suspended, terminated or revoked by the department of finance shall be
deemed to be receiving benefits for the length of time such benefits
would have been received if such benefits had not been suspended,
terminated or revoked, or for the period such local law is in effect,
whichever is shorter. Thereafter, such rents shall continue to be
subject to such control, except that such rents that would not have been
subject to such control but for this subdivision, shall be decontrolled
if the landlord has included in each lease and renewal thereof for such
unit for the tenant in residence at the time of such decontrol a notice
in at least twelve point type informing such tenant that the unit shall
become subject to such decontrol upon the expiration of benefits
pursuant to this title.