Extends expiration of authority granted to the city of New York to restructure the rents of units in buildings receiving municipally financed rehabilitation loans.
Ayes (59): Addabbo, Avella, Ball, Bonacic, Boyle, Breslin, Carlucci, DeFrancisco, Diaz, Dilan, Espaillat, Farley, Felder, Flanagan, Gallivan, Gianaris, Gipson, Golden, Griffo, Grisanti, Hannon, Hassell-Thomps, Hoylman, Kennedy, Klein, Krueger, Lanza, Larkin, Latimer, LaValle, Libous, Little, Marcellino, Marchione, Martins, Maziarz, Montgomery, Nozzolio, O'Brien, O'Mara, Parker, Perkins, Ranzenhofer, Ritchie, Rivera, Robach, Sampson, Sanders, Savino, Serrano, Seward, Skelos, Squadron, Stavisky, Stewart-Cousins, Tkaczyk, Valesky, Young, Zeldin
Excused (2): Peralta, Smith
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, 2014. This extender would be effective for loans closed on or before June 30, 2018.
REASONS FOR SUPPORT:
Chapter 142 of the Laws of 2010 extended the authority 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, 2010. This authority expires on June 30, 2014. This legislation extends this authority to June 30, 2018, 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.
Immediately with provisions.
STATE OF NEW YORK ________________________________________________________________________ 6884 IN SENATE March 25, 2014 ___________Introduced by Sen. YOUNG -- 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 142 of the laws of 2010, 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,
2018, 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, 2014, it shall take effect immediately and shall be deemed to have been in full force and effect on and after June 30, 2014.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14525-01-4