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Assembly Bill A6799

2009-2010 Legislative Session

Relates to facilitating redevelopment of housing projects owned by redevelopment companies

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2009-A6799 (ACTIVE) - Details

Law Section:
Private Housing Finance Law
Laws Affected:
Amd ยง112-a, Priv Hous Fin L

2009-A6799 (ACTIVE) - Summary

Relates to facilitating redevelopment of housing projects owned by redevelopment companies.

2009-A6799 (ACTIVE) - Bill Text download pdf 

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

                                  6799

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             March 12, 2009
                               ___________

Introduced  by  M. of A. BING, V. LOPEZ -- read once and referred to the
  Committee on Housing

AN ACT to amend the private housing finance law, in relation to  facili-
  tating redevelopment of housing projects owned by redevelopment compa-
  nies

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

  Section 1. Section 112-a of the private housing finance law, as  added
by chapter 208 of the laws of 2008, is amended to read as follows:
  S 112-a. Redevelopment loans. Notwithstanding any provision of section
one  hundred eleven or one hundred twelve of this article to the contra-
ry, where a redevelopment company undergoes a  comprehensive  redevelop-
ment  plan, the supervising agency may approve a loan and encumbrance of
such project in an amount in excess  of  actual  cost  of  the  project,
provided that such amount represents cost of CAPITAL IMPROVEMENTS, REDE-
VELOPMENT,  OR  acquisition by a new owner, any consequent rent increase
is not unduly burdensome to the tenants, and the  redevelopment  company
enters  into  an  agreement  to remain subject to the provisions of this
article for a period of no less than fifteen years from issuance of  the
loan and encumbrance.
  S 2. This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09035-01-9

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