S3589-2011 Actions

• Jan 4, 2012: REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
• Feb 28, 2011: REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

S3589-2011 Memo

BILL NUMBER:S3589

TITLE OF BILL:
An act
to amend the real property actions and proceedings law, in relation to
granting certain tenants the right to relocation costs from the proceeds
of a foreclosure sale

PURPOSE:
To provide relocation assistance for tenants whose property owner's
property enters into foreclosure.

SUMMARY OF PROVISIONS:
Section 1 amends 1354 of the real property actions and proceedings law
by adding new subdivision 2-a regarding disbursing funds from the
sale of the property to tenants whose leases have not expired, not to
exceed $1,500.
Section 2 states the effective date.

JUSTIFICATION:
Securing housing options for NYS residents is crucial in this economic
climate. The government needs to protect residents should their
property owner's property go into foreclosure. As it stands finding
affordable housing in NYS is difficult. this is especially the case
when residents are unexpectedly displaced. However, there is no
current law/statute in place to this effect. This bill would address
the current situation by ensuring that part of the proceeds from the
sale of any foreclosed property would be set aside to assist current
lease holders with relocation assistance.

LEGISLATIVE HISTORY:
2010: A.4678/S.2955 - Held in Housing, construction and Community
Development

FISCAL IMPLICATIONS:
To be determined.

EFFECTIVE DATE:
Immediately.

S3589-2011 Text

                      S T A T E   O F   N E W   Y O R K
  ________________________________________________________________________

                                    3589

                         2011-2012 Regular Sessions

                              I N  SENATE

                              February 28, 2011
                                 ___________

  Introduced  by  Sen.  ADAMS  -- read twice and ordered printed, and when
    printed to be committed to the Committee on Housing, Construction  and
    Community Development

  AN  ACT  to  amend  the  real  property  actions and proceedings law, in
    relation to granting certain tenants the  right  to  relocation  costs
    from the proceeds of a foreclosure sale

    THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
  BLY, DO ENACT AS FOLLOWS:


    Section 1. Section 1354 of the real property actions  and  proceedings
  law is amended by adding a new subdivision 2-a to read as follows:

    2-A.  THE  OFFICER  CONDUCTING THE SALE SHALL PAY OUT OF THE PROCEEDS,
  THE RELOCATION COSTS, NOT EXCEEDING ONE THOUSAND  FIVE  HUNDRED  DOLLARS
  PER  LESSEE,  OF  ANY  LESSEE OF AN INTEREST IN THE PROPERTY SOLD WHO IS
  REQUIRED TO VACATE THE REAL PROPERTY PRIOR TO THE TERMINATION OF HIS  OR
  HER LEASE.
    S 2. This act shall take effect immediately.






   EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                        [ ] is old law to be omitted.
                                                             LBD04068-01-1