|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to housing, construction and community development|
|Jan 05, 2011||referred to housing, construction and community development|
senate Bill S1005
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1005 - Details
S1005 - Summary
Relates to limited-profit housing companies; authorizes certain companies to pay dividends or interest in excess of six percent per annum; relates to the dissolution of certain rental housing companies.
S1005 - Sponsor Memo
BILL NUMBER: S1005 TITLE OF BILL : An act to amend the private housing finance law, in relation to limited-profit housing companies in a city with a population of one million or more PURPOSE OR GENERAL IDEA OF BILL : The purpose of this bill is to encourage housing companies to remain in the Mitchell-Lama housing program and protect those tenants in post-1974 Mitchell-Lama developments under rent stabilization if an owner buys out of the program. SUMMARY OF SPECIFIC PROVISIONS : This bill would: - authorize municipally-aided Mitchell-Lama developments to pay dividends in excess of 6% with the approval of the Department of Housing Preservation and Development (HPD); - authorize such developments to annually increase rents at a rate established by the New York City Rent Guidelines Board; and prohibit companies with a mortgage loan insured or held by the federal government from taking advantage of the above incentives. This bill would also: - provide that tenants in post-1974 Mitchell-Lama rental developments that voluntarily dissolve would be covered under rent stabilization; - provide that the initial legal regulated rent for units in post-1974
S1005 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1005 2011-2012 Regular Sessions I N S E N A T E (PREFILED) January 5, 2011 ___________ Introduced by Sen. SAMPSON -- 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 limit- ed-profit housing companies in a city with a population of one million or more THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 28 of the private housing finance law is amended by adding a new subdivision 4 to read as follows: 4. (A) NOTWITHSTANDING ANY INCONSISTENT PROVISION OF THIS ARTICLE OR OF ANY OTHER PROVISION OF GENERAL, SPECIAL OR LOCAL LAW, A COMPANY (OTHER THAN A MUTUAL COMPANY) THAT OPERATES A MUNICIPALLY-AIDED PROJECT IN A CITY WITH A POPULATION OF ONE MILLION OR MORE AND THAT IS OTHERWISE AUTHORIZED TO PAY DIVIDENDS UPON ITS SHARES OR INTEREST UPON ITS INCOME DEBENTURES MAY, WITH THE APPROVAL OF THE SUPERVISING AGENCY, PAY SUCH DIVIDENDS OR INTEREST IN EXCESS OF SIX PERCENT PER ANNUM. (B) ON AND AFTER THE DATE OF THE APPROVAL OF SUCH EXCESS DIVIDEND OR INTEREST BY THE SUPERVISING AGENCY PURSUANT TO PARAGRAPH (A) OF THIS SUBDIVISION, THE PROVISIONS OF SECTION THIRTY-ONE OF THIS ARTICLE RELAT- ING TO THE VARIATION OF RENTAL RATES OF DWELLING UNITS IN SUCH MUNICI- PALLY-AIDED PROJECT SHALL NOT APPLY AND RENTAL RATES OF DWELLING UNITS MAY BE INCREASED ANNUALLY BY SUCH COMPANY, WITHOUT PUBLIC HEARING OR FURTHER APPROVAL BY THE SUPERVISING AGENCY, IN THE AMOUNT AUTHORIZED BY THE RENT GUIDELINES BOARD ESTABLISHED PURSUANT TO THE RENT STABILIZATION LAW OF NINETEEN HUNDRED SIXTY-NINE FOR RENT STABILIZED DWELLING UNITS. (C) THIS SUBDIVISION SHALL NOT APPLY TO A COMPANY WITH A MORTGAGE LOAN INSURED OR HELD BY THE FEDERAL GOVERNMENT. S 2. The private housing finance law is amended by adding a new section 35-a to read as follows: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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