Assemblymember Robert Carroll and State Sen. Julia Salazar are introducing the 'New York City Arts Space Act,' aimed at providing tax benefits for affordable arts spaces in commercial-to-residential conversions.
The bill proposes an enhanced property tax exemption for including arts spaces, which is intended to work alongside existing affordable housing initiatives.
This legislation is structured to ensure that arts spaces are included as part of the affordable housing provisions in commercial conversions, making it an integrated part of urban development.
With new definitions for 'Affordable arts space' and 'Eligible arts organization,' this bill seeks to clarify and expand the framework for supporting arts in New York.
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