Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to housing, construction and community development |
May 01, 2009 |
referred to housing, construction and community development |
Senate Bill S5413
2009-2010 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
(D, WF) Senate District
2009-S5413 (ACTIVE) - Details
- Current Committee:
- Senate Housing, Construction And Community Development
- Law Section:
- Private Housing Finance Law
- Laws Affected:
- Add ยง22-b, Priv Hous Fin L
2009-S5413 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5413 TITLE OF BILL : An act to amend the private housing finance law, in relation to loans for a state-aided project owned by a limited-profit housing company and comprising in excess of 5,000 rental dwelling units PURPOSE : This bill would facilitate ownership continuity and the preservation of a State-aided project owned by a limited-profit housing company and comprising more than 5,000 rental dwelling units, by authorizing DHCR to approve refinancing loans above project cost in consideration for the owner's commitment to long-term participation in the Mitchell-Lama program. SUMMARY OF PROVISIONS : Section 1 of the bill adds a new PHFL Section 22-b to provide that, notwithstanding any provision of PHFL Article II to the contrary, DHCR may approve a mortgage loan in excess of actual project cost to a limited-profit housing company that owns a State-aided Project comprising more than 5,000 rental dwelling units, provided (a) in conjunction with such loan, the project's capital reserves shall be in
2009-S5413 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5413 2009-2010 Regular Sessions I N S E N A T E May 1, 2009 ___________ Introduced by Sen. ESPADA -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development AN ACT to amend the private housing finance law, in relation to loans for a state-aided project owned by a limited-profit housing company and comprising in excess of 5,000 rental dwelling units THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The private housing finance law is amended by adding a new section 22-b to read as follows: S 22-B. LOANS IN EXCESS OF PROJECT COST FOR A STATE-AIDED PROJECT OWNED BY A LIMITED-PROFIT HOUSING COMPANY AND COMPRISING IN EXCESS OF FIVE THOUSAND RENTAL DWELLING UNITS. NOTWITHSTANDING ANY PROVISION OF THIS ARTICLE TO THE CONTRARY, THE COMMISSIONER MAY APPROVE A LOAN AND ENCUMBRANCE OF A STATE-AIDED PROJECT COMPRISING MORE THAN FIVE THOUSAND RENTAL DWELLING UNITS IN EXCESS OF ACTUAL PROJECT COST WITHIN THE MEAN- ING OF SECTION TWENTY-ONE OF THIS ARTICLE, PROVIDED THAT: (A) IN CONJUNCTION WITH THE MAKING OF SUCH LOAN, THE CAPITAL RESERVES OF THE PROJECT SHALL BE IN AN AMOUNT AT LEAST EQUAL TO TWENTY-FIVE PERCENT OF THE AMOUNT OF SUCH LOAN WHICH EXCEEDS SUCH ACTUAL PROJECT COST; (B) THE RENTS PAID BY THE TENANTS MAY NOT BE INCREASED TO PAY FOR ANY CONSEQUENT INCREASE IN INDEBTEDNESS THAT IS NOT ATTRIBUTABLE TO PROJECT COST OR OTHERWISE PERMITTED PURSUANT TO SECTION TWENTY-TWO-A OF THIS ARTICLE; AND (C) THE COMPANY ENTERS INTO AN AGREEMENT TO CONTINUE TO REMAIN SUBJECT TO THE PROVISIONS OF THIS ARTICLE FOR A PERIOD OF NO LESS THAN AN ADDI- TIONAL THIRTY 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. LBD11698-01-9
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