Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Aug 26, 2009 |
signed chap.408 |
Aug 14, 2009 |
delivered to governor |
Jul 16, 2009 |
returned to assembly passed senate 3rd reading cal.928 substituted for s5892 |
Jul 16, 2009 |
substituted by a8842 ordered to third reading cal.928 |
Jun 18, 2009 |
referred to rules |
Senate Bill S5892
Signed By Governor2009-2010 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status Via A8842 - Signed by Governor
- 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
Votes
2009-S5892 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A8842
- Law Section:
- Private Housing Finance Law
- Laws Affected:
- Amd §§452 & 472, Priv Hous Fin L
2009-S5892 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5892 TITLE OF BILL : An act to amend the private housing finance law, in relation to small loans to owners of multiple dwellings to remove substandard or insanitary conditions and to loans to owner-occupants of one-to-four unit private and multiple dwellings SUMMARY OF PROVISIONS : Articles 8-A and 8-B of the Private Housing Finance Law ("PHFL") provide for loans to owners and owner occupants of one-to-four unit multiple dwellings to eliminate substandard or insanitary conditions in their buildings or units. Currently, such loans must be repaid within a period of thirty years or a shorter term determined by the agency, provided that the term shall not exceed the "useful life of the rehabilitation or improvement financed with such loan". Section one of the bill would amend subdivision 2 of Section 452 of the PHFL to provide that the longest possible term for such loans to multiple dwelling owners shall be "the probable life of the existing multiple dwelling", which it explicitly defines as thirty years. Similarly, section two would amend subdivision 2 of Section 472 of the PHFL to provide that the longest possible term for such loans to owner occupants shall be "the probable life of the existing multiple
2009-S5892 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5892 2009-2010 Regular Sessions I N S E N A T E June 18, 2009 ___________ Introduced by Sen. ESPADA -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the private housing finance law, in relation to small loans to owners of multiple dwellings to remove substandard or insani- tary conditions and to loans to owner-occupants of one-to-four unit private and multiple dwellings THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 452 of the private housing finance law, as amended by chapter 449 of the laws of 2004, is amended to read as follows: 2. Each loan shall be evidenced by a note executed by the owner of the existing multiple dwelling. The supervising agency in its discretion may require one or more of the shareholders of a corporate owner to co-sign such note or to otherwise guarantee or pledge security for the repayment of the loan. The amount of any such loan shall not exceed the sum of thirty-five thousand dollars ($35,000) per dwelling unit, or the cost of eliminating such substandard or insanitary condition or conditions, or effecting such rehabilitation or improvement, whichever is less. Each such note shall be repaid within a period of [thirty years or such shorter period as the supervising agency shall determine, but in no event longer than the useful life of the rehabilitation or improvement financed with such loan] THE PROBABLE LIFE OF THE EXISTING MULTIPLE DWELLING WHICH IS HEREBY DETERMINED TO BE THIRTY YEARS, OR SUCH SHORTER PERIOD AS THE SUPERVISING AGENCY SHALL DETERMINE. The repayment shall be made in such manner as may be provided in such note and contract, if any, in connection with such loan and may authorize such owner, with the consent of the supervising agency, to prepay the principal of the loan subject to such terms and conditions as therein provided. Such note and contract may contain such other terms and provisions not inconsistent with the provisions of this article as the local legislative body or EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14300-01-9
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