2006 New York Code - Reimbursement For Rent Exemptions; Rent Increase Exemption Fund Established.

 
    §  26-603  Reimbursement  for rent exemptions; rent increase exemption
  fund established. In the event that  the  real  property  of  a  housing
  company  containing  one  or more dwelling units shall be totally exempt
  from local and municipal real property taxes for any fiscal  year  as  a
  result  of  the  exemptions  from maximum rent credited pursuant to this
  section or otherwise, the supervising agency may  make  or  contract  to
  make payments to a housing company in an amount not exceeding the amount
  necessary  to  reimburse the housing company for the total dollar amount
  of all exemptions from the payment of maximum rent accorded pursuant  to
  this  chapter  to  eligible  heads of the household residing in dwelling
  units in such real property. A fund to be known  as  the  rent  increase
  exemption  fund shall be created and established in order to provide for
  the payments made pursuant to this section. There may be paid into  such
  fund  (1)  all  of  the  rental  surcharges  collected  from the housing
  companies organized and existing pursuant to articles II, IV, V  and  XI
  of  the  private  housing finance law and (2) any moneys appropriated or
  otherwise made available for the purpose of such fund.