This bill has been amended

Bill S6753-2009

Relates to establishing rents in respect of certain loans to owners of multiple dwellings; effective date thereof

Extens effectiveness of provisions establishing rents in respect of certain loans to owners of multiple dwellings.

Details

Actions

  • Jun 29, 2010: SIGNED CHAP.142
  • Jun 25, 2010: DELIVERED TO GOVERNOR
  • May 24, 2010: returned to senate
  • May 24, 2010: passed assembly
  • May 24, 2010: ordered to third reading cal.933
  • May 24, 2010: substituted for a10986
  • Mar 11, 2010: referred to housing
  • Mar 11, 2010: DELIVERED TO ASSEMBLY
  • Mar 11, 2010: PASSED SENATE
  • Mar 3, 2010: ADVANCED TO THIRD READING
  • Mar 2, 2010: 2ND REPORT CAL.
  • Mar 1, 2010: 1ST REPORT CAL.181
  • Feb 3, 2010: REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

Votes

VOTE: COMMITTEE VOTE: - Housing, Construction, and Community Development - Mar 1, 2010
Ayes (8): Espada, Hassell-Thompson, Krueger, Diaz, Squadron, Bonacic, Leibell, Young

Memo

 BILL NUMBER:  S6753

TITLE OF BILL :

An act to amend chapter 449 of the laws of 1986 amending the private housing finance law relating to establishing initial rents in respect of certain loans to owners of existing multiple dwellings, in relation to the effective date thereof

SUMMARY OF PROVISIONS :

This bill extends the existing authority of the local housing agency in the city of New York to restructure rents in residential buildings that have received low-interest, municipally-financed rehabilitation loans under Article 8 of the Private Housing Finance Law ("PHFL"). Currently, the ability to restructure rents expires on June 30, 2010. This extender would be effective for loans closed on or before June 30, 2014.

REASONS FOR SUPPORT :

Chapter 133 of the Laws of 2006 extended the ability of the local housing agency in the City of New York, the Department of Housing Preservation and Development ("HPD"), to restructure rents in dwelling units rehabilitated after June 30, 2002. This authority expires on June 30, 2010. This legislation extends this authority to June 30, 2014, thereby allowing HPD to continue effectively utilizing Article 8 of the PHFL as an essential tool for the rehabilitation of affordable housing in New York City.

The extension of this rent restructuring authority is crucial in allowing for the payment of a building's monthly operating costs and debt service and for multiple dwellings receiving Article 8 rehabilitation loans to be preserved as affordable housing.

Accordingly, the Mayor urges the earliest possible favorable consideration of this proposal by the Legislature.

EFFECTIVE DATE : Immediately, with provisions.

Text

STATE OF NEW YORK ________________________________________________________________________ 6753 IN SENATE February 3, 2010 ___________
Introduced by Sen. ESPADA -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development AN ACT to amend chapter 449 of the laws of 1986 amending the private housing finance law relating to establishing initial rents in respect of certain loans to owners of existing multiple dwellings, in relation to the effective date thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 5 of chapter 449 of the laws of 1986 amending the private housing finance law relating to establishing initial rents in respect of certain loans to owners of existing multiple dwellings, as amended by chapter 133 of the laws of 2006, is amended to read as follows: S 5. This act shall take effect immediately; provided that the provisions of sections one, two and four of this act shall remain in full force and effect until and including June 30, [2010] 2014, provided further that dwelling units made subject to the rent stabilization law of nineteen hundred sixty-nine pursuant to such sections of this act shall continue to remain subject to such law. S 2. This act shall take effect immediately; provided, however, that if this act shall have become a law after June 30, 2010, it shall be deemed to have been in full force and effect on and after June 30, 2010.

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