senate Bill S3162A

2013-2014 Legislative Session

Provides for a transfer fee of 75% of the fair market value in dissolution or sales of a rental project or mutual company

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Archive: Last Bill Status - In Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 24, 2014 print number 3162a
amend and recommit to housing, construction and community development
Jan 08, 2014 referred to housing, construction and community development
Jan 31, 2013 referred to housing, construction and community development

Bill Amendments

Original
A (Active)
Original
A (Active)

Co-Sponsors

S3162 - Details

See Assembly Version of this Bill:
A3864
Current Committee:
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §35, Priv Hous Fin L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S456, A1465
2009-2010: S3851, A11236

S3162 - Summary

Provides for a transfer fee of 75% of the fair market value in dissolution or sales of a rental project or mutual company.

S3162 - Sponsor Memo

S3162 - Bill Text download pdf

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

                                  3162

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 31, 2013
                               ___________

Introduced by Sens. KRUEGER, STAVISKY -- 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 windfall
  profits on the dissolution or first sale of rental companies  and  the
  dissolution and/or reconstitution of mutual companies

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 2 of section 35 of the private housing  finance
law,  as  amended by chapter 229 of the laws of 1989, is amended to read
as follows:
  2. A company aided by a loan made after May  first,  nineteen  hundred
fifty-nine,  may  voluntarily  be  dissolved,  SOLD AND/OR RECONSTITUTED
without the consent of the commissioner or of the supervising agency, as
the case may be, not less than twenty years  after  the  occupancy  date
upon  the  payment  in  full  of  the remaining balance of principal and
interest due and unpaid upon the mortgage or mortgages [and], of any and
all expenses incurred in effecting such voluntary dissolution AND  OF  A
TRANSFER  FEE  EQUAL TO SEVENTY-FIVE PERCENT OF THE FAIR MARKET VALUE IN
THE CASE OF DISSOLUTION OR SALES PRICE ON THE FIRST  SALE  OF  A  RENTAL
PROJECT, OR, IN THE CASE OF A MUTUAL COMPANY SEVENTY-FIVE PERCENT OF THE
SALES  PRICE ON EACH FIRST SALE THEREAFTER FOR MARKET VALUE BY A SELLING
SHAREHOLDER. THE PROCEEDS OF THE TRANSFER FEES ARE TO  BE  PAID  INTO  A
FUND  HELD  BY THE NEW YORK CITY HOUSING DEVELOPMENT CORPORATION AND THE
NEW YORK STATE HOUSING FINANCE AGENCY FOR THE FOLLOWING PURPOSES:
  (A) TO CONTINUE TO SUBSIDIZE  THE  DEVELOPMENT  FOR  AS  LONG  AS  THE
PURCHASER OF A RENTAL DEVELOPMENT REMAINS IN THE MITCHELL-LAMA PROGRAM;
  (B)  FOR  THE CITY OR STATE TO PURCHASE THE LAND AND TO LEASE THE LAND
TO THE TENANTS AND CONVERT THE PROJECT TO A LIMITED PROFIT MUTUAL COMPA-
NY, WITH A NINETY-NINE YEAR LEASE;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01312-01-3

Co-Sponsors

S3162A (ACTIVE) - Details

See Assembly Version of this Bill:
A3864
Current Committee:
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §35, Priv Hous Fin L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S456, A1465
2009-2010: S3851, A11236

S3162A (ACTIVE) - Summary

Provides for a transfer fee of 75% of the fair market value in dissolution or sales of a rental project or mutual company.

S3162A (ACTIVE) - Sponsor Memo

S3162A (ACTIVE) - Bill Text download pdf

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

                                 3162--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 31, 2013
                               ___________

Introduced by Sens. KRUEGER, HOYLMAN, STAVISKY -- read twice and ordered
  printed, and when printed to be committed to the Committee on Housing,
  Construction and Community Development -- recommitted to the Committee
  on  Housing, Construction and Community Development in accordance with
  Senate Rule 6, sec. 8 -- committee discharged, bill  amended,  ordered
  reprinted as amended and recommitted to said committee

AN ACT to amend the private housing finance law, in relation to windfall
  profits  on  the dissolution or first sale of rental companies and the
  dissolution and/or reconstitution of mutual companies

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. Subdivision 2 of section 35 of the private housing finance
law, as amended by chapter 229 of the laws of 1989, is amended  to  read
as follows:
  2.  A  company  aided by a loan made after May first, nineteen hundred
fifty-nine, may voluntarily  be  dissolved,  SOLD  AND/OR  RECONSTITUTED
without the consent of the commissioner or of the supervising agency, as
the  case  may  be,  not less than twenty years after the occupancy date
upon the payment in full of  the  remaining  balance  of  principal  and
interest due and unpaid upon the mortgage or mortgages [and], of any and
all  expenses  incurred in effecting such voluntary dissolution AND OF A
TRANSFER FEE EQUAL TO SEVENTY-FIVE PERCENT OF THE FAIR MARKET  VALUE  IN
THE  CASE  OF  DISSOLUTION  OR SALES PRICE ON THE FIRST SALE OF A RENTAL
PROJECT, OR, IN THE CASE OF A MUTUAL COMPANY SEVENTY-FIVE PERCENT OF THE
SALES PRICE ON EACH FIRST SALE THEREAFTER FOR MARKET VALUE BY A  SELLING
SHAREHOLDER.  THE  PROCEEDS  OF  THE TRANSFER FEES ARE TO BE PAID INTO A
FUND HELD BY THE NEW YORK CITY HOUSING DEVELOPMENT CORPORATION  AND  THE
NEW YORK STATE HOUSING FINANCE AGENCY FOR THE FOLLOWING PURPOSES:
  (A)  TO  CONTINUE  TO  SUBSIDIZE  THE  DEVELOPMENT  FOR AS LONG AS THE
PURCHASER OF A RENTAL DEVELOPMENT REMAINS IN THE MITCHELL-LAMA PROGRAM;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01312-03-4

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