Grants tenants relocation costs from the proceeds of a foreclosure sale.
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.
STATE OF NEW YORK ________________________________________________________________________ 3589 2011-2012 Regular Sessions IN 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