Bill S7065-2013

Extends provisions of chapter 84 of the laws of 1993, relating to the establishment of initial rents in housing accommodations rehabilitated with loans to housing development companies

Extends provisions of chapter 84 of the laws of 1993, relating to the establishment of initial rents in housing accommodations rehabilitated with loans to housing development companies.

Details

Actions

  • Jun 19, 2014: SUBSTITUTED BY A9363
  • May 21, 2014: ADVANCED TO THIRD READING
  • May 20, 2014: 2ND REPORT CAL.
  • May 19, 2014: 1ST REPORT CAL.779
  • Apr 23, 2014: REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

Meetings

Calendars

Votes

VOTE: COMMITTEE VOTE: - Housing, Construction and Community Development - May 19, 2014
Ayes (7): Young, Bonacic, Gallivan, Nozzolio, Avella, Espaillat, Krueger
Excused (2): Boyle, Diaz

Memo

BILL NUMBER:S7065

TITLE OF BILL: An act to amend chapter 84 of the laws of 1993, amending the private housing finance law relating to establishment of initial rents in housing accommodations rehabilitated with loans to housing development companies, in relation to the effectiveness thereof

SUMMARY OF PROVISIONS:

This bill extends the existing authority of the local housing agency in the City of New York, the Department of Housing Preservation and Development to restructure rents for housing development fund companies that have purchased and are rehabilitating occupied multiple dwellings pursuant to Article 11 of the Private Housing Finance Law. Currently, the ability to restructure rents expires on June 30, 2014. This legislation extends such authority to June 30, 2018.

REASONS FOR SUPPORT:

Many residential buildings proposed for acquisition and rehabilitation by housing development fund companies are not economically viable without a restructuring of the rents. Rent restructuring authority is essential to ensure that the rents are adequate to cover the monthly operating costs of the building and the debt service of the low interest rehabilitation loans. Rent restructuring authority exists in other statutes utilized by the City of New York's Department of Housing Preservation and Development, such as Articles 8, 8-A and 15 of the Private Housing Finance Law and Article 16 of the General Municipal Law. Such authority has been essential in rehabilitating existing multiple dwellings and providing affordable housing for residents of New York City.

Extending the rent restructuring authority of Article 11 will significantly enhance the City of New York's ability to provide permanent housing for low income families and individuals that reside in buildings owned and rehabilitated by housing development fund companies.

EFFECTIVE DATE:

Immediately with provisions.


Text

STATE OF NEW YORK ________________________________________________________________________ 7065 IN SENATE April 23, 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 84 of the laws of 1993, amending the private housing finance law relating to establishment of initial rents in housing accommodations rehabilitated with loans to housing development companies, 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 84 of the laws of 1993, amending the private housing finance law, relating to establishment of initial rents in housing accommodations rehabilitated with loans to housing develop- ment companies, as amended by chapter 143 of the laws of 2010, 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, [2014] 2018 after which date it shall expire and be deemed repealed except that dwelling units made subject to the rent stabilization law of nineteen hundred sixty- nine pursuant to subdivision 2 of section 576-c of the private housing finance law, as added by section one of this act, shall continue to remain subject to such law. S 2. This act shall take effect immediately, except that if this act shall have become a law after June 30, 2014 this act 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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