senate Bill S6878

Signed By Governor
2013-2014 Legislative Session

Extends expiration of authority granted to the department of housing preservation and development of city of New York to restructure rents of dwelling units in buildings foreclosed upon by the federal government

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Archive: Last Bill Status Via A9360 - Signed by Governor


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 30, 2014 signed chap.63
delivered to governor
May 19, 2014 returned to assembly
passed senate
3rd reading cal.380
substituted for s6878
May 19, 2014 substituted by a9360
Apr 30, 2014 advanced to third reading
Apr 29, 2014 2nd report cal.
Apr 28, 2014 1st report cal.380
Mar 25, 2014 referred to housing, construction and community development

Votes

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Apr 28, 2014 - Housing, Construction and Community Development committee Vote

S6878
9
0
committee
9
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
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Housing, Construction and Community Development Committee Vote: Apr 28, 2014

S6878 - Bill Details

See Assembly Version of this Bill:
A9360
Law Section:
Housing
Laws Affected:
Amd ยง2, Chap 253 of 2004

S6878 - Bill Texts

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Extends expiration of the authority granted to the department of housing preservation and development of the city of New York to restructure the rents of dwelling units in buildings foreclosed upon by the federal government.

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BILL NUMBER:S6878

TITLE OF BILL: An act to amend chapter 253 of the laws of 2004,
amending the private housing finance law relating to rehabilitated
multiple dwellings acquired and reconveyed by the federal government,
in relation to extending the effectiveness thereof

SUMMARY OF PROVISIONS:

Chapter 253 of the Laws of 2004 granted the New York City Department
of Housing Preservation and Development the authority to restructure
the rents of dwelling units in buildings acquired by the federal
government as a result of the foreclosure of a mortgage loan insured
or held by the federal government. The restructuring authority was
conditioned upon the properties being rehabilitated, and is scheduled
to expire on June 30, 2014. This bill extends this authority to June
30, 2018.

REASONS FOR SUPPORT:

The federal 203(k) home mortgage scandal left approximately 500 small
homes, tenements and brownstones in New York City facing foreclosure
because the properties were bought and resold at inflated prices with
owners in many instances pocketing the money that was intended for
necessary repairs.

The Federal Department of Housing and Urban Development (HUD) and the
New York City Department of Housing Preservation and Development (HPD)
have been undertaking a joint effort to rehabilitate and transfer
these buildings to qualified owners. HUD has agreed to contribute $130
million in federal money toward the rehabilitation cost.

The authority to restructure rents following the rehabilitation of a
building is necessary for the operation of an affordable housing
development. It is essential that sufficient building income exist to
pay the maintenance, operating costs and debt service of a multiple
dwelling or small home. Rent restructuring authority currently exists
in every rehabilitation statute found in the New York State Private
Housing Finance Law. Such authority is conditioned, however, upon the
rehabilitation being financed by City capital funding. In the instance
of the 203k properties, the rehabilitation financing is Federal. This
legislation would extend the authority to restructure rents for 203k
properties to June 30, 2018.

Permitting these troubled properties to be eligible for rent
restructuring is essential in order for these buildings to be a source
of affordable housing for the residents of the City of New York.

EFFECTIVE DATE:

Immediately with provisions.

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

                                  6878

                            I N  S E N A T E

                             March 25, 2014
                               ___________

Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Housing, Construction  and
  Community Development

AN  ACT  to  amend chapter 253 of the laws of 2004, amending the private
  housing finance  law  relating  to  rehabilitated  multiple  dwellings
  acquired  and  reconveyed  by  the  federal government, in relation to
  extending the effectiveness thereof

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

  Section  1. Section 2 of chapter 253 of the laws of 2004, amending the
private housing finance law relating to rehabilitated multiple dwellings
acquired and reconveyed by the federal government, as amended by chapter
414 of the laws 2009, is amended to read as follows:
  S 2. This act shall take effect immediately and shall  expire  and  be
deemed repealed June 30, [2014] 2018.
  S  2.  This act shall take effect immediately; provided, however, that
if this act shall have become a law on or after June 30, 2014, this  act
shall  take  effect immediately and shall be deemed to have been in full
force and effect on and after June 30, 2014.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14524-01-4

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