Senate Bill S5413

2009-2010 Legislative Session

Relates to loans for a state-aided project owned by a limited-profit housing company and comprising in excess of five thousand rental dwelling units

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Sponsored By

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

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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) - Summary

Relates to loans for a state-aided project owned by a limited-profit housing company and comprising in excess of five thousand rental dwelling units.

2009-S5413 (ACTIVE) - Sponsor Memo

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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