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Assembly Bill A11298

2009-2010 Legislative Session

Relates to capital improvement loans for the Mitchell-Lama program

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Archive: Last Bill Status - In Assembly Committee

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2009-A11298 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
Private Housing Finance Law
Laws Affected:
Amd ยง26, Priv Hous Fin L

2009-A11298 (ACTIVE) - Summary

Relates to capital improvement loans for the Mitchell-Lama program.

2009-A11298 (ACTIVE) - Bill Text download pdf 

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

                                  11298

                          I N  A S S E M B L Y

                              May 25, 2010
                               ___________

Introduced by M. of A. BENJAMIN -- read once and referred to the Commit-
  tee on Housing

AN  ACT to amend the private housing finance law, in relation to capital
  improvement loans for the Mitchell-Lama program

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

  Section  1.  Section 26 of the private housing finance law, is amended
by adding a new subdivision 1-b to read as follows:
  1-B. NO LOAN FOR A CAPITAL IMPROVEMENT, SHALL BE MADE  BY  THE  STATE,
THE  NEW  YORK  STATE  HOUSING FINANCE AGENCY, A MUNICIPALITY OR THE NEW
YORK CITY HOUSING DEVELOPMENT CORPORATION UNLESS THE COMMISSIONER  FINDS
THAT, FOR THE LIFE OF THE LOAN, THE BUILDING SHALL:
  (A)  REMAIN  IN  THE  OWNERSHIP  OF  A  LIMITED-PROFIT HOUSING COMPANY
CREATED PURSUANT TO SECTION THIRTEEN OF THIS ARTICLE;
  (B) REMAIN RENT STABILIZED; OR
  (C) BECOME RENT REGULATED.
  S 2. This act shall take effect on the thirtieth day  after  it  shall
have become a law.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD16789-01-0

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