|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to housing, construction and community development|
|Apr 13, 2011||defeated in housing, construction and community development|
|Mar 18, 2011||notice of committee consideration - requested|
|Jan 05, 2011||referred to housing, construction and community development|
senate Bill S444
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S444 - Details
S444 - Summary
Provides that upon sale or other conveyance of a limited-profit housing company project to an entity other than a new limited-profit housing company, reserve and surplus funds must be held in escrow by the new owner and dedicated solely to defraying the costs of major capital improvements; further provides that no rental may be increased to cover the cost of a major capital improvement until such reserve and surplus funds have been exhausted.
S444 - Sponsor Memo
BILL NUMBER:S444 TITLE OF BILL: An act to amend the private housing finance law, in relation to the sale of limited-profit housing projects PURPOSE OR GENERAL IDEA OF BILL: This bill provides that upon sale of a limited-profit housing company project, reserve and surplus funds must be held in escrow and dedicated to major capital improvements. SUMMARY OF SPECIFIC PROVISIONS: The bill amends the Private Housing Finance Law (PHFL) by adding a new section 36-b. That new section provides that if a limited profit housing company incorporated under Article II of the PHFL sells a project to any entity other than a limited-profit housing company, then all reserve and surplus funds transferred to the new owner must be held in escrow for the purpose of making major capital improvements to the project. The bill further provides that the new owner may not increase rents or other charges, based on new capital improvements, until after the reserve and surplus funds held in escrow have been exhausted.
S444 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 444 2011-2012 Regular Sessions I N S E N A T E (PREFILED) January 5, 2011 ___________ Introduced by Sens. KRUEGER, DUANE, HUNTLEY -- 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 the sale of limited-profit housing projects 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 36-b to read as follows: S 36-B. SALE OR OTHER CONVEYANCE OF PROJECT. NOTWITHSTANDING ANY INCONSISTENT PROVISION OF LAW, UPON THE SALE OR OTHER CONVEYANCE OF A PROJECT BY A COMPANY TO ANY ENTITY OTHER THAN A COMPANY, THE FOLLOWING REQUIREMENTS SHALL APPLY. 1. ALL RESERVE AND SURPLUS FUNDS TRANSFERRED BY THE COMPANY TO THE NEW OWNER MUST BE HELD BY SUCH NEW OWNER IN ESCROW ACCOUNTS AND MAY BE USED BY SUCH NEW OWNER SOLELY FOR THE PURPOSE OF MAKING MAJOR CAPITAL IMPROVEMENTS TO THE PROJECT. 2. NO RENTAL OR OTHER CHARGE MAY BE INCREASED BY THE NEW OWNER TO DEFRAY THE COST OF ANY MAJOR CAPITAL IMPROVEMENT UNLESS AND UNTIL ALL OF SUCH RESERVE AND SURPLUS FUNDS HAVE BEEN EXPENDED TO DEFRAY THE COST OF MAJOR CAPITAL IMPROVEMENTS. S 2. This act shall take effect on the first of January next succeed- ing the date on which it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01002-01-1
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