New York State Governor Kathy Hochul signed NYS Senate Bill 8647 (Martins)/Assembly Bill 10355 (Stern) into law this week.
The bill authorizes extending PILOT agreements with property tax exemption benefits for certain types of senior housing in Nassau County where existing exemptions are scheduled to terminate soon. This extension can add up to an additional 25 years of property tax relief and was intended on its surface to soften the financial blow on Senior residents living in these projects.
Whether the new bill also provides enough financial incentive for the redevelopment of outdated or obsolete Senior housing in Nassau County is yet to be seen.
We are monitoring these and other developments to help ensure real estate developers maximize the economic viability of projects in the region.
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