Pursuant to § 421-e of the Real Property
Tax Law of the State of New York, a town may adopt a local law to
provide that any cooperative, condominium or rental project which
received grants, payments or loans pursuant to Article 18 or 19 of
the Private Housing Finance Law shall be exempt from real property
taxation imposed by the Town of Ramapo. It is the intent of the Town
Board to adopt a local law to exempt any new construction and conversion
of existing structures of a cooperative, condominium or rental project
which receives grants, payments or loans pursuant to Article 18 or
19 of the Private Housing Finance Law from real property taxation,
other than assessments for local improvements, imposed by the Town
of Ramapo.