Any cooperative, condominium, homesteading or rental project
which receives payments, grants or loans pursuant to Article XVIII
of the Private Housing Finance Law or any new construction project
which receives payments, grants or loans pursuant to Article XIX of
the Private Housing Finance Law shall be exempt from taxation by the
City. Eligible property shall also be exempt from of the taxes imposed
by the City of Oneonta School District, other than assessments for
local improvements for a period not to exceed 20 years in the aggregate
after the taxable status date immediately following the completion
thereof, calculated not to exceed the following exemptions: 12 years
of full exemption followed by two years of exemption from 80% of such
taxation, followed by two years of exemption from 60% of such taxation,
followed by two years of exemption from 40% of such taxation, followed
by two years of exemption from 20% of such taxation; provided that
the tax exemption authorized by this section shall be in addition
to any other tax exemption or abatement authorized by law. In addition,
however, that in the event a cooperative, condominium, homesteading
or rental project ceases to be subject to one or more provisions of
Article XVIII of the Private Housing Finance Law pursuant to the provisions
of § 1102-6-a(c) of such law, any tax exemption authorized
pursuant to this section with respect to the eligible property of
such project shall terminate.