Senate Bill S1005

2011-2012 Legislative Session

Relates to limited-profit housing companies

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Sponsored By

Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-S1005 (ACTIVE) - Details

See Assembly Version of this Bill:
A2595
Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §28, add §35-a, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2009-2010: S3688, A2933
2013-2014: S137

2011-S1005 (ACTIVE) - Summary

Relates to limited-profit housing companies; authorizes certain companies to pay dividends or interest in excess of six percent per annum; relates to the dissolution of certain rental housing companies.

2011-S1005 (ACTIVE) - Sponsor Memo

2011-S1005 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  1005

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by  Sen. SAMPSON -- read twice and ordered printed, and when
  printed to be committed to the Committee on Housing, Construction  and
  Community Development

AN  ACT  to amend the private housing finance law, in relation to limit-
  ed-profit housing companies in a city with a population of one million
  or more

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 28 of the private housing finance law is amended by
adding a new subdivision 4 to read as follows:
  4.  (A)  NOTWITHSTANDING ANY INCONSISTENT PROVISION OF THIS ARTICLE OR
OF ANY OTHER PROVISION OF GENERAL,  SPECIAL  OR  LOCAL  LAW,  A  COMPANY
(OTHER  THAN A MUTUAL COMPANY) THAT OPERATES A MUNICIPALLY-AIDED PROJECT
IN A CITY WITH A POPULATION OF ONE MILLION OR MORE AND THAT IS OTHERWISE
AUTHORIZED TO PAY DIVIDENDS UPON ITS SHARES OR INTEREST UPON ITS  INCOME
DEBENTURES  MAY,  WITH  THE APPROVAL OF THE SUPERVISING AGENCY, PAY SUCH
DIVIDENDS OR INTEREST IN EXCESS OF SIX PERCENT PER ANNUM.
  (B) ON AND AFTER THE DATE OF THE APPROVAL OF SUCH EXCESS  DIVIDEND  OR
INTEREST  BY  THE  SUPERVISING  AGENCY PURSUANT TO PARAGRAPH (A) OF THIS
SUBDIVISION, THE PROVISIONS OF SECTION THIRTY-ONE OF THIS ARTICLE RELAT-
ING TO THE VARIATION OF RENTAL RATES OF DWELLING UNITS IN  SUCH  MUNICI-
PALLY-AIDED  PROJECT  SHALL NOT APPLY AND RENTAL RATES OF DWELLING UNITS
MAY BE INCREASED ANNUALLY BY SUCH COMPANY,  WITHOUT  PUBLIC  HEARING  OR
FURTHER  APPROVAL BY THE SUPERVISING AGENCY, IN THE AMOUNT AUTHORIZED BY
THE RENT GUIDELINES BOARD ESTABLISHED PURSUANT TO THE RENT STABILIZATION
LAW OF NINETEEN HUNDRED SIXTY-NINE FOR RENT STABILIZED DWELLING UNITS.
  (C) THIS SUBDIVISION SHALL NOT APPLY TO A COMPANY WITH A MORTGAGE LOAN
INSURED OR HELD BY THE FEDERAL GOVERNMENT.
  S 2. The private housing finance  law  is  amended  by  adding  a  new
section 35-a to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

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