Bill S6842-2009

Relates to small loans to owners of multiple dwellings to remove substandard or insanitary conditions; effective date

Relates to smalls loans to owners of multiple dwellings to remove substandard or insanitary conditions; extends effectiveness of provisions.

Details

Actions

  • May 28, 2010: SUBSTITUTED BY A10705
  • May 27, 2010: ADVANCED TO THIRD READING
  • May 26, 2010: 2ND REPORT CAL.
  • May 25, 2010: 1ST REPORT CAL.626
  • Mar 1, 2010: REPORTED AND COMMITTED TO FINANCE
  • Feb 12, 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:  S6842              REVISED 02/19/10

TITLE OF BILL :

An act to amend chapter 777 of the laws of 1986, amending the private housing finance law relating to small loans to owners of multiple dwellings to remove substandard or unsanitary conditions, in relation to the effectiveness thereof

SUMMARY OF PROVISIONS :

This bill amends the Private Housing Finance Law ("PHFL"), to extend the ability of the local housing agency in the City of New York to restructure rents in multiple dwellings that are receiving Article 8-A rehabilitation loans. Such rent restructuring authority currently expires on June 30, 2010. This extender would be effective for loans closed on or before June 30, 2014.

REASONS FOR SUPPORT :

Chapter 134 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 establish initial rents in multiple dwellings that are receiving Article 8-A rehabilitation loans. Such rent restructuring authority currently expires on June 30, 2010. This legislation extends this authority to June 30, 2014.

It is essential that the City of New York continue to have the ability to restructure rents for its programs that provide low-interest loans for affordable housing rehabilitation. Rent restructuring is an important tool in ensuring that monthly operating costs and debt service payments will continue to be paid, thereby preventing the abandonment of residential buildings. Such authority is an important component in HPD's rehabilitation programs and is codified in other rehabilitation statutes such as Articles 8, 11 and 15 of the Private Housing Finance Law and Article 16 of the General Municipal Law.

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 ________________________________________________________________________ 6842 IN SENATE February 12, 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 777 of the laws of 1986, amending the private housing finance law relating to small loans to owners of multiple dwellings to remove substandard or insanitary conditions, in relation to the effectiveness thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 6 of chapter 777 of the laws of 1986, amending the private housing finance law, relating to small loans to owners of multi- ple dwellings to remove substandard or insanitary conditions, as amended by chapter 134 of the laws of 2006, is amended to read as follows: S 6. This act shall take effect immediately; provided that the provisions of sections three, four and five of this act shall remain in full force and effect until and including June 30, [2010] 2014. 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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