senate Bill S137

2013-2014 Legislative Session

Relates to limited-profit housing companies

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

do you support this bill?

Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to housing, construction and community development
Jan 09, 2013 referred to housing, construction and community development

S137 - Details

Current Committee:
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §28, add §35-a, Priv Hous Fin L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S1005
2009-2010: S3688

S137 - 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.

S137 - Sponsor Memo

S137 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   137

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

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.

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.