Section 93. Tax exemptions

1. Any housing company shall be exempt from the
  payment  of  any  and  all  franchise,  organization,  income,  mortgage
  recording  and other taxes to the state and all fees to the state or its
  officers.
    2. Bonds and mortgages and the income debenture  certificates  of  all
  housing  companies  are  declared  to be instrumentalities of the state,
  issued for public purposes and shall, together with interest thereon, be
  exempt from taxation. Distributions on capital of said  companies  shall
  be exempt from taxation by the state.
    3. Any municipality in which projects of housing companies are located
  is  authorized  to  exempt  the  buildings  and  improvements created in
  connection with such projects  from  local  taxation,  and  should  said
  municipality  exempt  such buildings and improvements from such taxation
  the buildings and improvements of said company shall to  the  extent  of
  such exemption be exempt from any and all state taxation. This provision
  shall  apply only to projects completed prior to January first, nineteen
  hundred thirty-nine.
    4. Any municipality in which projects of housing companies are located
  is authorized, through its local legislative body, to exempt from  local
  and  municipal taxes, other than assessments for local improvements, all
  or part of the value of the property included in any  such  projects  as
  represents an increase over the assessed valuation of the real property,
  both  land and improvements, acquired for the project at the time of its
  acquisition by  the  housing  company  which  originally  undertook  the
  project;  and  should  a  municipality  grant  such  tax  exemption, all
  projects of housing companies shall to  the  extent  of  such  municipal
  exemption  and  during  the  period  thereof, be exempt from any and all
  state taxes. Such exemption of projects from taxation by a  municipality
  and  the  state  shall  not  extend to projects erected prior to January
  first, nineteen  hundred  thirty-nine  nor  to  projects  erected  after
  January  first,  nineteen  hundred  seventy-three  and  prior to January
  first, nineteen hundred seventy-nine.
    5. The tax exemption specified in subdivisions three and four of  this
  section  shall  not  operate  for  a  period  of  more than fifty years,
  commencing in each instance from the date on which the benefits of  such
  exemption first become available and effective.
    6.  Notwithstanding  the  provisions  of subdivisions four and five of
  this section, the real property  owned,  acquired,  leased,  managed  or
  operated  by  a  state  urban  development  corporation project shall be
  exempt from all local and municipal taxes,  other  than  assessment  for
  local  improvements, to the extent of the value of the property included
  in such project as represents an increase over the assessed valuation of
  the real property, both land and improvements acquired for  the  project
  on the date of its acquisition by the housing company. The tax exemption
  shall  operate  and  continue  so  long  as  the  mortgage loans of such
  limited-dividend housing company are outstanding, but in no event for  a
  period  of  more  than forty years, commencing in each instance from the
  date when such limited-dividend  housing  company  first  acquired  such
  property.  If  a  state urban development corporation project qualifying
  for tax exemption  pursuant  to  this  subdivision  is  sold,  with  the
  approval  of  the  commissioner,  to  another  limited-dividend  housing
  company, such successor company shall be entitled to all the benefits of
  this subdivision.
    7. Any project that received a tax exemption under this  section  may,
  upon  the  expiration  of  the  tax  exemption  period,  be  granted  an
  additional tax exemption period of up to fifty years, or until such time
  as the project is no longer operated under the restrictions and for  the
  purposes set forth in this article, whichever is sooner.