Bill S6885-2013

Extends the expiration of authority granted to the city of New York to restructure rent for units in multiple dwellings getting loans to remove substandard conditions

Extends the expiration of authority granted to the city of New York to restructure rent for units in multiple dwellings getting small loans to remove substandard or insanitary conditions.

Details

Actions

  • Jun 30, 2014: SIGNED CHAP.76
  • Jun 30, 2014: DELIVERED TO GOVERNOR
  • Jun 2, 2014: returned to senate
  • Jun 2, 2014: passed assembly
  • Jun 2, 2014: ordered to third reading cal.717
  • Jun 2, 2014: substituted for a9362
  • May 29, 2014: referred to ways and means
  • May 29, 2014: DELIVERED TO ASSEMBLY
  • May 29, 2014: PASSED SENATE
  • Apr 30, 2014: ADVANCED TO THIRD READING
  • Apr 29, 2014: 2ND REPORT CAL.
  • Apr 28, 2014: 1ST REPORT CAL.382
  • Mar 25, 2014: REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

Meetings

Calendars

Votes

VOTE: COMMITTEE VOTE: - Housing, Construction and Community Development - Apr 28, 2014
Ayes (9): Young, Bonacic, Boyle, Gallivan, Nozzolio, Avella, Espaillat, Diaz, Krueger

Memo

BILL NUMBER:S6885

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 insanitary conditions, in relation to the effectiveness thereof

SUMMARY OF PROVISIONS:

This bill amends the Private Housing Finance Law ("PHFL") to extend the authority 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, 2014. This extender would be effective for loans closed on or before June 30, 2018.

REASONS FOR SUPPORT:

Chapter 137 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 establish initial rents in multiple dwellings that are receiving Article 8-A rehabilitation loans. Such rent restructuring authority currently expires on June 30, 2014. This legislation extends this authority to June 30, 2018.

It is essential that the City of New York continue to have the authority 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.

EFFECTIVE DATE:

Immediately with provisions.


Text

STATE OF NEW YORK ________________________________________________________________________ 6885 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 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 137 of the laws of 2010, 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, [2014] 2018. 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.

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