Bill S6843-2009

Relates to urban development action area projects rehabilitated by municipal loans; effective date

Extends provisions relating to urban development action area projects rehabilitated by municipal loans.

Details

Actions

  • Jun 2, 2010: SUBSTITUTED BY A10728
  • May 27, 2010: ADVANCED TO THIRD READING
  • May 26, 2010: 2ND REPORT CAL.
  • May 25, 2010: 1ST REPORT CAL.627
  • Mar 1, 2010: REPORTED AND COMMITTED TO FINANCE
  • Feb 16, 2010: COMMITTEE DISCHARGED AND COMMITTED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
  • Feb 12, 2010: REFERRED TO LOCAL GOVERNMENT

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:  S6843              REVISED 02/19/10

TITLE OF BILL :

An act to amend chapter 613 of the laws of 1996, amending the general municipal law relating to buildings that are part of urban development action area projects and are rehabilitated with municipal loans, in relation to the effectiveness thereof

SUMMARY OF PROVISIONS :

This bill would extend the sunset provision of Section 696-a of Article 16 of the General Municipal Law, which grants municipalities the authority to restructure the rents of dwelling units in municipally-owned buildings which have been rehabilitated with the aid of a loan made pursuant to chapter 613 of the Laws of 1996.

REASONS FOR SUPPORT :

Municipalities are currently authorized to restructure existing rents in dwelling units in residential buildings owned by the private sector or by housing development fund companies that have received rehabilitation loans and have completed rehabilitation pursuant to Articles 8, 8A, 11 and 15 of the Private Housing Finance Law. Since 1996, Section 696-a of the General Municipal Law has also authorized rehabilitation loans for the development of affordable housing in municipally owned multiple dwellings and the restructuring of rents following rehabilitation. The ability to restructure rents is necessary for the operation of an affordable housing development program.

In order to create sufficient building income to pay the building's maintenance and operating costs and debt service on private or City financing, the ability to restructure rents is essential. Rent restructuring authority in Article 16 of the General Municipal Law has been indispensable to the development of permanent affordable housing in the City of New York.

The legislation will significantly enhance the City's ability to continue to provide affordable housing following rehabilitation of City-owned municipal dwellings.

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 ________________________________________________________________________ 6843 IN SENATE February 12, 2010 ___________
Introduced by Sen. ESPADA -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to amend chapter 613 of the laws of 1996, amending the general municipal law relating to buildings that are part of urban development action area projects and are rehabilitated with municipal loans, 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 2 of chapter 613 of the laws of 1996, amending the general municipal law relating to buildings that are part of urban development action area projects and are rehabilitated with municipal loans, as amended by chapter 121 of the laws of 2006, is amended to read as follows: S 2. This act shall take effect immediately and shall remain in full force and effect until and including June 30, [2010] 2014 with respect to multiple dwellings rehabilitated with the aid of a loan from a muni- cipality, pursuant to subdivision 1 of section 696-a of the general municipal law as designated by section one of this act, that has closed on or prior to such date, after which date it shall expire and be deemed repealed except that multiple dwellings that are subject to the emergen- cy housing rent control law, the local emergency housing rent control act, the emergency tenant protection act of nineteen seventy-four and/or any local law enacted pursuant thereto pursuant to subdivision 2 of section 696-a of the general municipal law as added by section one of this act, shall continue to be subject thereto as provided in or pursu- ant to such laws and/or acts. 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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