senate Bill S6885

Signed by Governor

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

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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.382
  • 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 A9362
  • 02 / Jun / 2014
    • ORDERED TO THIRD READING CAL.717
  • 02 / Jun / 2014
    • PASSED ASSEMBLY
  • 02 / Jun / 2014
    • RETURNED TO SENATE
  • 30 / Jun / 2014
    • DELIVERED TO GOVERNOR
  • 30 / Jun / 2014
    • SIGNED CHAP.76

Summary

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.

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Bill Details

See Assembly Version of this Bill:
A9362
Versions:
S6885
Legislative Cycle:
2013-2014
Law Section:
Housing
Laws Affected:
Amd ยง6, Chap 777 of 1986

Sponsor 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.

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

                                  6885

                            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 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.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14527-01-4

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