S T A T E O F N E W Y O R K
2011-2012 Regular Sessions
I N S E N A T E
January 5, 2011
Introduced by Sens. KLEIN, SERRANO -- 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 limited
profit housing companies in a city with a population of one million or
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The private housing finance law is amended by adding a new
section 35-a to read as follows:
S 35-A. RENT FOLLOWING DISSOLUTION. 1. AS USED IN THIS SECTION, THE
FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
(A) "AFFECTED DEVELOPMENT" SHALL MEAN HOUSING ACCOMMODATIONS THAT (I)
PRIOR TO THE DISSOLUTION DATE WERE OPERATED AS A RENTAL DEVELOPMENT
PURSUANT TO THIS ARTICLE; AND (II) FOLLOWING THE DISSOLUTION DATE ARE
SUBJECT TO THE RENT STABILIZATION LAW OF NINETEEN HUNDRED SIXTY-NINE OR
THE EMERGENCY TENANT PROTECTION ACT OF NINETEEN SEVENTY-FOUR.
(B) "AFFECTED DWELLING UNIT" SHALL MEAN A HOUSING UNIT IN AN AFFECTED
(C) "AFFECTED HOUSING COMPANY" SHALL MEAN A LIMITED-PROFIT HOUSING
COMPANY WITH AN AFFECTED DEVELOPMENT.
(D) "DISSOLUTION DATE" SHALL MEAN, WITH RESPECT TO ANY AFFECTED DEVEL-
OPMENT, THE DATE OF DISSOLUTION OR RECONSTITUTION OF THE AFFECTED HOUS-
ING COMPANY WITH SUCH AFFECTED DEVELOPMENT PURSUANT TO SECTION
THIRTY-FIVE OF THIS ARTICLE.
2. NOTWITHSTANDING THE PROVISIONS OF ANY GENERAL, SPECIAL OR LOCAL
LAW: (A) THE INITIAL LEGAL REGULATED RENT FOR ANY AFFECTED DWELLING
UNIT ON AND AFTER THE DISSOLUTION DATE SHALL BE THE LAST RENT AUTHORIZED
FOR THE AFFECTED DWELLING UNIT BEFORE THE DISSOLUTION DATE, INCLUDING
RENTAL SURCHARGES, IF ANY, AND (B) SUCH LEGAL REGULATED RENT SHALL NOT
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
S. 531 2
AT ANY TIME BE SUBJECT TO ADJUSTMENT PURSUANT TO SUBDIVISION A OF
SECTION 26-513 OF THE ADMINISTRATIVE CODE OF THE CITY OF NEW YORK, OR
SUBDIVISION A OF SECTION 9 OF SECTION 4 OF THE EMERGENCY TENANT
PROTECTION ACT OF NINETEEN SEVENTY-FOUR.
S 2. This act shall take effect immediately.