|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to housing, construction and community development|
|Jan 06, 2011||referred to housing, construction and community development|
senate Bill S1298
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1298 - Details
S1298 - Summary
Relates to alternative hardship applications for properties subject to the rent stabilization code.
S1298 - Sponsor Memo
BILL NUMBER:S1298 TITLE OF BILL: An act to amend the administrative code of the city of New York and the emergency tenant protection act of nineteen seventy-four, in relation to hardship applications PURPOSE: To extend the number of ownership years from three years to six years in respect to eligibility for an alternative hardship rent adjustment. SUMMARY OF PROVISIONS: Section 1 of the bill amends paragraph 6-a of subdivision c of section 26-51 of the administrative code of the city of New York to revise the number of ownership years required to apply for an alternative hardship rent adjustment through the New York State Division of Housing and Community Renewal (DHCR) from three years to six years. Section 2 of the bill amends paragraph 5 of subdivision d of section 6 of section 4 of chapter 576 of the laws of 1974, constituting the emergency tenant protection act, to revise the number of ownership years required to apply for an alternative hardship rent adjustment
S1298 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1298 2011-2012 Regular Sessions I N S E N A T E January 6, 2011 ___________ Introduced by Sen. DUANE -- 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 administrative code of the city of New York and the emergency tenant protection act of nineteen seventy-four, in relation to hardship applications THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 6-a of subdivision c of section 26-511 of the administrative code of the city of New York is amended to read as follows: (6-a) provides criteria whereby as an alternative to the hardship application provided under paragraph six of this subdivision owners of buildings acquired by the same owner or a related entity owned by the same principals [three] SIX years prior to the date of application may apply to the division for increases in excess of the level of applicable guideline increases established under this law based on a finding by the commissioner that such guideline increases are not sufficient to enable the owner to maintain an annual gross rent income for such building which exceeds the annual operating expenses of such building by a sum equal to at least five percent of such gross rent. For the purposes of this paragraph, operating expenses shall consist of the actual, reason- able, costs of fuel, labor, utilities, taxes, other than income or corporate franchise taxes, fees, permits, necessary contracted services and non-capital repairs, insurance, parts and supplies, management fees and other administrative costs and mortgage interest. For the purposes of this paragraph, mortgage interest shall be deemed to mean interest on a bona fide mortgage including an allocable portion of charges related thereto. Criteria to be considered in determining a bona fide mortgage other than an institutional mortgage shall include; condition of the property, location of the property, the existing mortgage market at the EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01026-01-1
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