Governor signs two REBNY-backed bills

Governor David Paterson has signed two bills supported by the Real Estate Board of New York. One extends the co-op and condo real property tax abatement for four years, extending the 17.5 percent reduction in property’s assessed value. The other bill authorizes the state’s use of more than $1 billion in private activity bonds, which permits multi-year tax exempt financing for 80/20 projects and aims to spur new residential developments.