§ 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.