KINGS WOOD OWNERS� CORP

							March 24, 2010


Governor David A. Paterson
Executive Chamber, State Capitol
Albany, NY 12224

RE: Amendment to Section 253 of the NYS Tax Law Bill #S6610
    Proposed New Tax on Purchases of Residential Cooperative Shares


Dear Governor Paterson:

As a cooperative owner of shares of Kings Wood Owners Corp., a multi-family dwelling of 144 families, I
recently learned about your proposed amendment to Section 253 of the NYS Tax Law imposing a new
“cooperative loan recording tax” in the state’s 2010 budget.

This new tax law includes a provision which imposes the payment of a tax upon the filing of every “financing
statement” by a lender providing financing for the purchase of a cooperative apartment. Currently, no tax is
required upon the filing of financing statements with the state of NY.

I would like to express my strongest opposition to this new tax during these tough economic times and
tremendous slow down in real estate sales. Please remember that the primary purchasers of cooperatives are
low income first time home buyers and senior citizens looking to downsize. The impact of this law will make
co-op housing unaffordable for new purchasers most of whom have a limited income. If the seller were to
reduce the sale price to accommodate this new tax it would create a hardship for them as well since they are
faced with a large decline in their property values.

Please vote NO to this proposed tax increase and keep affordable housing a reality in New York State.

Sincerely,


______________________

cc: Assemblyman, Silver Sheldon
    Assembly Speaker
    64th District
    250 Broadway, Suite 2307
    New York, NY 10007

    Senator, John Flanagan
    2nd District
    260 Middle Country Road, Suite 203
    Smithtown, NY 11787

    Senator, John Sampson
    19th District
    1222 E. 96th Street
    Brooklyn, NY 11236