Bill S5211-2013

Relating to the powers of subsidiaries of the Educational Housing Services Inc.

Relates to the powers of subsidiaries of the Educational Housing Services Incorporated.

Details

Actions

  • Jul 31, 2013: SIGNED CHAP.294
  • Jul 19, 2013: DELIVERED TO GOVERNOR
  • Jun 19, 2013: returned to senate
  • Jun 19, 2013: passed assembly
  • Jun 19, 2013: ordered to third reading rules cal.458
  • Jun 19, 2013: substituted for a7412
  • Jun 11, 2013: referred to ways and means
  • Jun 11, 2013: DELIVERED TO ASSEMBLY
  • Jun 11, 2013: PASSED SENATE
  • Jun 10, 2013: ADVANCED TO THIRD READING
  • Jun 5, 2013: 2ND REPORT CAL.
  • Jun 4, 2013: 1ST REPORT CAL.1113
  • May 14, 2013: REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

Votes

VOTE: COMMITTEE VOTE: - Corporations, Authorities and Commissions - Jun 4, 2013
Ayes (6): Ranzenhofer, Flanagan, Larkin, Martins, Perkins, Squadron

Memo

BILL NUMBER:S5211

TITLE OF BILL: An act to amend the public authorities law, in relation to the powers of subsidiaries of the Educational Housing Services Inc.; and to amend chapter 376 of the laws of 1998 amending the public authorities law relating to the powers of the Educational Housing Services Inc., in relation to extending the effectiveness thereof

PURPOSE:

To extend the powers granted to Educational Housing Services Inc. for an additional five years to 2018.

SUMMARY OF PROVISIONS:

This bill amends Chapter 352 of the laws of 2008 to allow Educational Housing Services Inc. to continue its utilization of Section 1676 of the Public Authorities Law until 2018. Chapter 352 allows Educational Housing Services Inc. to finance new housing utilizing the Dormitory Authority of New York State.

JUSTIFICATION:

For over 25 years Educational Housing Services Inc., a not-for-profit organization, has provided dormitory housing to college and university students in the New York City area. It currently utilizes eight properties in Manhattan and Brooklyn and has an inventory of over 4,400 beds serving 10,000 students annually. Educational Housing Services Inc. does not own these residences but rather leases buildings or portions thereof. The one exception is the dormitory constructed for the uptown CUNY campus in 2005 which was financed with DASNY bonds. Currently 25 institutions of higher education utilize Educational Housing Services Inc. housing. The economic welfare and 110,000 jobs generated by these colleges is directly linked to the ability of Educational Housing Services Inc. to meet some of the housing needs of these institutions. There is a dramatic need for student housing in New York City due to the fact that almost 500,000 students are enrolled in colleges in this region. Educational Housing Services Inc. is the only non-profit organization that is directly meeting the enormous demand for student housing. Previous legislation made reference to a number of Educational Housing Services Inc. sites, some of which will not continue as student housing due to the removal of some buildings from the leasing market. This proposed legislation will allow Educational Housing Services Inc. to continue its important housing functions without being restricted to properties whose leases have expired or terminated.

Educational Housing Services Inc., in cooperation with the office of the Attorney General, has recently undergone a complete restructuring with a new board whose members, and new CEO, are individuals who are very experienced in the fields of education, finance, real estate, public private partnerships and public service.

LEGISLATIVE HISTORY:

New legislation which amends previous statutes extending Educational Housing Services Inc. powers.

FISCAL IMPLICATIONS:

None

EFFECTIVE DATE: This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 5211 2013-2014 Regular Sessions IN SENATE May 14, 2013 ___________
Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions AN ACT to amend the public authorities law, in relation to the powers of subsidiaries of the Educational Housing Services Inc.; and to amend chapter 376 of the laws of 1998 amending the public authorities law relating to the powers of the Educational Housing Services Inc., in relation to extending the effectiveness thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The undesignated paragraph of paragraph (b) of subdivision 2 of section 1676 of the public authorities law, as amended by chapter 352 of the laws of 2008, is amended to read as follows: Educational Housing Services Inc., a not-for-profit corporation, for the acquisition, financing, refinancing, construction, reconstruction, renovation, development, improvement, expansion, and equipping of hous- ing for students and/or faculty at institutions of higher education [throughout the state and up to five] LOCATED WITHIN THE FIVE BOROUGHS OF THE CITY OF NEW YORK AND WESTCHESTER COUNTY EITHER BY DIRECTLY OR BY CREATION OF A wholly-owned [and] NOT-FOR-PROFIT SUBSIDIARY CORPORATION OR controlled corporations [or], limited liability companies OR PARTNER- SHIPS, that are not subject to federal income taxation (except with respect to any unrelated business income) [as follows: one such corpo- ration or limited liability company for the acquisition, financing, refinancing, construction, reconstruction, renovation, development, improvement, expansion, and equipping of a dormitory for housing for students in connection with the city university of New York; one such corporation or limited liability company for the acquisition, financing, refinancing, construction, reconstruction, renovation, development, improvement, expansion, and equipping of a dormitory located at 401 West 130th Street, New York, New York for housing for students and/or faculty
in connection with the city college of New York; one such corporation or limited liability company for the acquisition, financing, refinancing, construction, reconstruction, renovation, development, improvement, expansion, and equipping of a dormitory at 55 John Street, New York, New York for housing for students and/or faculty; one such corporation or limited liability company for the acquisition, financing, refinancing, construction, reconstruction, renovation, development, improvement, expansion, and equipping of a dormitory at 231 East 55th Street, New York, New York for housing for students and/or faculty; and one such corporation or limited liability company for the acquisition, financing, refinancing, construction, reconstruction, renovation, development, improvement, expansion, and equipping of a dormitory at 1760 3rd Avenue, New York, New York for housing for students and/or faculty]
. S 2. The undesignated paragraph of subdivision 1 of section 1680 of the public authorities law, as amended by chapter 352 of the laws of 2008, is amended to read as follows: Educational Housing Services Inc., a not-for-profit corporation, for the acquisition, financing, refinancing, construction, reconstruction, renovation, development, improvement, expansion, and equipping of hous- ing for students and/or faculty at institutions of higher education [throughout the state and up to five] LOCATED WITHIN THE FIVE BOROUGHS OF THE CITY OF NEW YORK AND WESTCHESTER COUNTY EITHER DIRECTLY OR BY CREATION OF A wholly-owned [and] NOT-FOR-PROFIT SUBSIDIARY CORPORATION OR controlled corporations [or], limited liability companies, OR PART- NERSHIPS that are not subject to federal income taxation (except with respect to any unrelated business income) [as follows: one such corpo- ration or limited liability company for the acquisition, financing, refinancing, construction, reconstruction, renovation, development, improvement, expansion, and equipping of a dormitory for housing for students in connection with the city university of New York; one such corporation or limited liability company for the acquisition, financing, refinancing, construction, reconstruction, renovation, development, improvement, expansion, and equipping of a dormitory located at 401 West 130th Street, New York, New York for housing for students and/or faculty in connection with the city college of New York; one such corporation or limited liability company for the acquisition, financing, refinancing, construction, reconstruction, renovation, development, improvement, expansion, and equipping of a dormitory at 55 John Street, New York, New York for housing for students and/or faculty; one such corporation or limited liability company for the acquisition, financing, refinancing, construction, reconstruction, renovation, development, improvement, expansion, and equipping of a dormitory at 231 East 55th Street, New York, New York for housing for students and/or faculty; and one such corporation or limited liability company for the acquisition, financing, refinancing, construction, reconstruction, renovation, development, improvement, expansion, and equipping of a dormitory at 1760 3rd Avenue, New York, New York for housing for students and/or faculty]. S 3. Section 3 of chapter 376 of the laws of 1998 shall be and remain in full force and effect with respect to all projects undertaken pursu- ant to the authority of such chapter and this act whether by Educational Housing Services Inc., or its subsidiary. S 4. Section 5 of chapter 376 of the laws of 1998, amending the public authorities law relating to the powers of the Educational Housing Services Inc., as amended by chapter 280 of the laws of 2008, is amended to read as follows:
S 5. This act shall take effect immediately and shall expire and be deemed repealed on December 31, [2013] 2018. S 5. This act shall take effect immediately, provided, however, that the amendments to the undesignated paragraph of paragraph (b) of subdi- vision 2 of section 1676 and the undesignated paragraph of subdivision 1 of section 1680 of the public authorities law made by sections one and two of this act shall not affect the repeal of such paragraphs and shall be deemed repealed therewith.

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