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Legislation to Clarify Real Property Tax Exemptions for Certain NYC Affordable Housing Projects

PRESS RELEASE: September 2016 Recently, the NY State Legislature enacted, and Governor Cuomo signed into law, an amendment to Section 11-2106 of the Administrative Code of The City of New a new Section 9 to Subdivision (b). Section 11-2106 grants exemptions to various transactions from the imposition and payment of the New York City Real Property Transfer Tax ("RPTT"). The driving force behind this legislation was the fact the NYC Department of Finance ("DOF'") was disallowing exemptions for certain projects where there was a Nominee Agreement in place between the Beneficial Owner and the Housing Development Fund Company ("HDFC") Nominee. The City believed...

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Spring 2012

Spring 2012 May 1, 2012 Building Loan Mortgages: Two significant cases relating to Building Loans have been decided recently. Both cases reinforce the proposition that when in doubt, file a building loan agreement! A) In Altschuler Shaham Provident Funds Ltd v GML Tower LLC, an existing first mortgage was taken by assignment, at which time the parties entered into an agreement, not filed, by which additional funds were to be advanced for construction on the premises. Almost a year later the lender recorded a mortgage increase and modification agreement reflecting the total amount of the existing mortgage and the amounts subsequently advanced. In...

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