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Assembly Bill A5478

2009-2010 Legislative Session

Removes monetary limitation on contracts with rural housing entities

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Archive: Last Bill Status - In Assembly Committee

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2009-A5478 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
Private Housing Finance Law
Laws Affected:
Amd ยงยง903 & 1003, Priv Hous Fin L

2009-A5478 (ACTIVE) - Summary

Removes certain limitation on contracts entered into with neighborhood preservation companies and not-for-profit corporations for housing preservation and community renewal activities.

2009-A5478 (ACTIVE) - Bill Text download pdf 

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

                                  5478

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 13, 2009
                               ___________

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

AN  ACT  to  amend  the  private housing finance law, in relation to the
  annual monetary limitation on contracts entered into with neighborhood
  preservation companies and  not-for-profit  corporations  for  housing
  preservation and community renewal activities

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

  Section 1. Subdivision 4 of section 903 of the private housing finance
law, as amended by section 1 of part II of chapter 59  of  the  laws  of
2008, is amended to read as follows:
  4.  Contracts  entered  into  hereunder with neighborhood preservation
companies shall be limited in duration to periods of one year,  but  may
thereafter  be renewed, extended or succeeded by new contracts from year
to year in the discretion of the commissioner; they shall be limited  in
amount  to  the sum of one hundred thousand dollars in a single year and
to the aggregate sum of two  million  one  hundred  four  thousand  five
hundred   dollars  for  a  single  neighborhood  preservation  company[,
provided that in any year in which the aggregate sum  of  three  hundred
thousand  dollars  shall have been reached and all succeeding years, the
annual contract amount shall be subject to a limit of ninety-seven thou-
sand five hundred dollars per year]; they shall define with particulari-
ty the neighborhood or portion thereof  within  which  the  neighborhood
preservation  activities  shall  be  performed;  they  shall specify the
nature of  the  neighborhood  preservation  activities  which  shall  be
performed  including  the  approximate  number of buildings, residential
dwelling units and local retail and service establishments  which  shall
be  affected; they shall locate and describe, with as much particularity
as is reasonably possible, the buildings  with  respect  to  which  such
activities  shall  be performed during the contract term; and they shall
specify the number of persons, salaries or rates of compensation  and  a

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08697-01-9

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