senate Bill S6884

Signed by Governor

Extends expiration of authority granted to the city of New York to restructure the rents of units in buildings receiving municipally financed rehabilitation loans

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Sponsor

Bill Status


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

  • 25 / Mar / 2014
    • REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
  • 28 / Apr / 2014
    • 1ST REPORT CAL.381
  • 29 / Apr / 2014
    • 2ND REPORT CAL.
  • 30 / Apr / 2014
    • ADVANCED TO THIRD READING
  • 29 / May / 2014
    • PASSED SENATE
  • 29 / May / 2014
    • DELIVERED TO ASSEMBLY
  • 29 / May / 2014
    • REFERRED TO WAYS AND MEANS
  • 02 / Jun / 2014
    • SUBSTITUTED FOR A9361
  • 02 / Jun / 2014
    • ORDERED TO THIRD READING CAL.716
  • 02 / Jun / 2014
    • PASSED ASSEMBLY
  • 02 / Jun / 2014
    • RETURNED TO SENATE
  • 30 / Jun / 2014
    • DELIVERED TO GOVERNOR
  • 30 / Jun / 2014
    • SIGNED CHAP.75

Summary

Extends expiration of authority granted to the city of New York to restructure the rents of units in buildings receiving municipally financed rehabilitation loans.

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Bill Details

See Assembly Version of this Bill:
A9361
Versions:
S6884
Legislative Cycle:
2013-2014
Law Section:
Housing
Laws Affected:
Amd ยง5, Chap 449 of 1986

Sponsor Memo

BILL NUMBER:S6884

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.

EFFECTIVE DATE:

Immediately with provisions.

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

                                  6884

                            I N  S E N A T E

                             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, [2014] 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

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