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S 1462

Relates to establishing ground rent rebates for eligible homeowners and renters in the Battery Park project area

2025 Regular Session Introduced by Brian Kavanagh

S 1462 - Battery Park Ground Rent Rebate Act OverviewBill Number: S 1462 Title: Relates to establishing ground rent rebates for eligible homeowners and renters in the Battery Park

REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
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Bill Summary · S 1462

S 1462 - Battery Park Ground Rent Rebate Act

Overview

Bill Number: S 1462
Title: Relates to establishing ground rent rebates for eligible homeowners and renters in the Battery Park project area
Status: REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
Introduced: April 10, 2025

Purpose and Intent

The purpose of this bill is to provide financial relief to homeowners and renters in the Battery Park project area who are burdened by high ground rent payments. Ground rent is an ongoing fee paid by property owners to the landowner, which can significantly increase housing costs. This legislation aims to ease this financial strain on eligible residents through a new ground rent rebate program.

Key Provisions

  • Establishes a ground rent rebate program for homeowners and renters in the Battery Park project area
  • Provides rebates of up to 50% of annual ground rent payments for eligible low- and moderate-income households
  • Defines eligibility criteria based on household income, property value, and ground rent amount
  • Requires the state housing agency to administer the rebate program, including application and verification processes
  • Appropriates $15 million annually from the state budget to fund the ground rent rebate program

Affected Parties and Impacts

  • Homeowners and renters living in the Battery Park project area would be eligible for ground rent rebates, providing financial relief and making housing more affordable
  • Low- and moderate-income households are the primary target, helping to address housing affordability challenges in the community
  • The state housing agency would be responsible for implementing and overseeing the new rebate program

Procedural and Timeline Considerations

This bill has been referred to the Corporations, Authorities and Commissions committee for further consideration. If passed by the committee and both chambers of the state legislature, it would then be sent to the governor for signature into law. If enacted, the ground rent rebate program would be established and begin accepting applications from eligible residents in the Battery Park area.

Compiled from official sources — confirm details with the bill’s official record.

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