Sec. 20-5.2. Residential mortgages

Latest version.

Tax Law, § 1456(c)
(a) No credit will be allowed with respect to a residential mortgage where such mortgage is recorded on or after May 1, 1987:
(1) where the real property is located in one or more of the counties comprising the metropolitan commuter transportation district; or
(2) where the real property is located in the county of Erie.
(b) For purposes of this section, the term residential mortgage means a mortgage of real property principally improved or to be improved by one or more structures containing in the aggregate not more than six residential dwelling units, each dwelling unit having its own separate cooking facilities.

                    
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