Section 1974-B. Lease and other agreements

1. As used or referred to in
  this title, unless a different meaning clearly appears from the context:
    (a) "owner" shall mean any individual, partnership, trust or public or
  private  corporation  (including  a  cooperative  housing  corporation),
  holding the tenant's interest in a residential lease.
    (b)  "residential  lease"  shall  mean  a  lease,  sublease  or  other
  agreement that relates to all or a portion of a project,  where  all  of
  such  project,  or  the portion thereof to which such lease, sublease or
  other agreement relates, is designed and intended  for  the  purpose  of
  providing   housing   accommodations  and  such  facilities  as  may  be
  incidental thereto, the landlord's interest in  which  is  held  by  the
  authority at the time such lease, sublease or other agreement is entered
  into.
    (c)  "underlying  parcel" shall mean a parcel subject to a residential
  lease; provided, however, that in any case where the  tenant's  interest
  in  a  residential  lease  is  held by a unit owner, "underlying parcel"
  shall mean the parcel in which the unit is included.
    (d) the  terms  "unit  owner"  and  "unit"  shall  have  the  meanings
  specified  in  section  three hundred thirty-nine-e of the real property
  law. The term "parcel" shall have the meaning specified in  section  one
  hundred two of the real property tax law; provided, however, that in any
  case  where  the  tenant's  interest in a residential lease is held by a
  unit owner, "parcel" shall mean the real property deemed to be a  parcel
  pursuant  to  paragraph  (a) of subdivision two of section three hundred
  thirty-nine-y of the real property law.
    2. (a) If an underlying parcel is exempt from real property taxes,  or
  no real property taxes are payable with respect thereto, pursuant to the
  provisions  of  section  nineteen hundred eighty-one of this title or of
  section twenty-two of chapter one hundred seventy-four of  the  laws  of
  nineteen  hundred sixty-eight, the residential lease for such underlying
  parcel shall provide for the payment by the owner  of  such  residential
  lease  to the authority of annual or other periodic amounts equal to the
  amount of real property taxes that otherwise would be  paid  or  payable
  with  respect to such underlying parcel, after giving effect to any real
  property  tax  abatements  and  exemptions,  if  any,  which  would   be
  applicable  thereto,  if  the  provisions  of  section  nineteen hundred
  eighty-one of this title or of section twenty-two of chapter one hundred
  seventy-four of the  laws  of  nineteen  hundred  sixty-eight  were  not
  applicable to such underlying parcel.
    (b)  If  an  underlying  parcel  is owned by the city of New York, the
  residential lease for such  underlying  parcel  shall  provide  for  the
  payment  by  the owner of such residential lease to the city of New York
  of annual or other periodic amounts equal to the amount of real property
  taxes that are payable with respect to  such  underlying  parcel,  after
  giving  effect  to  any  real property tax abatements and exemptions, if
  any, which are applicable thereto.
    (c) Where the owner of  a  residential  lease  is  assessed  for  real
  property  taxes  with  respect  to the underlying parcel subject to such
  residential lease pursuant to section  five  hundred  two  of  the  real
  property  tax  law  and  section three hundred thirty-nine-y of the real
  property law, payment of such real  property  taxes  shall  be  credited
  against  the  annual  or  periodic  amounts of tax equivalency payments,
  payments in lieu of taxes or similar payments required to be paid  under
  such residential lease.