Allows a real property tax exemption for dwelling units constructed for senior citizens or disabled persons receiving social security disability benefits.

Summary

If enacted, this bill would authorize municipalities in New York to grant a real property tax exemption for newly constructed dwelling units designated for senior citizens or disabled individuals receiving Social Security Disability Insurance benefits. The exemption applies to units built specifically for these populations and is intended to incentivize affordable housing development for vulnerable groups. Lenders and developers financing or constructing such units may need to account for the tax exemption in project feasibility and loan terms.