senate Bill S7065

Signed By Governor
2013-2014 Legislative Session

Extends provisions of chapter 84 of the laws of 1993, relating to the establishment of initial rents in housing accommodations rehabilitated with loans to housing development companies

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Archive: Last Bill Status Via A9363 - 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.64
delivered to governor
Jun 19, 2014 returned to assembly
passed senate
3rd reading cal.779
substituted for s7065
Jun 19, 2014 substituted by a9363
May 21, 2014 advanced to third reading
May 20, 2014 2nd report cal.
May 19, 2014 1st report cal.779
Apr 23, 2014 referred to housing, construction and community development

Votes

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May 19, 2014 - Housing, Construction and Community Development committee Vote

S7065
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
2
Excused
0
Abstained
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Housing, Construction and Community Development Committee Vote: May 19, 2014

excused (2)

S7065 - Bill Details

See Assembly Version of this Bill:
A9363
Law Section:
Housing
Laws Affected:
Amd ยง2, Chap 84 of 1993

S7065 - Bill Texts

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Extends provisions of chapter 84 of the laws of 1993, relating to the establishment of initial rents in housing accommodations rehabilitated with loans to housing development companies.

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BILL NUMBER:S7065

TITLE OF BILL: An act to amend chapter 84 of the laws of 1993,
amending the private housing finance law relating to establishment of
initial rents in housing accommodations rehabilitated with loans to
housing development companies, in relation to the effectiveness
thereof

SUMMARY OF PROVISIONS:

This bill extends the existing authority of the local housing agency
in the City of New York, the Department of Housing Preservation and
Development to restructure rents for housing development fund
companies that have purchased and are rehabilitating occupied multiple
dwellings pursuant to Article 11 of the Private Housing Finance Law.
Currently, the ability to restructure rents expires on June 30, 2014.
This legislation extends such authority to June 30, 2018.

REASONS FOR SUPPORT:

Many residential buildings proposed for acquisition and rehabilitation
by housing development fund companies are not economically viable
without a restructuring of the rents. Rent restructuring authority is
essential to ensure that the rents are adequate to cover the monthly
operating costs of the building and the debt service of the low
interest rehabilitation loans. Rent restructuring authority exists in
other statutes utilized by the City of New York's Department of
Housing Preservation and Development, such as Articles 8, 8-A and 15
of the Private Housing Finance Law and Article 16 of the General
Municipal Law. Such authority has been essential in rehabilitating
existing multiple dwellings and providing affordable housing for
residents of New York City.

Extending the rent restructuring authority of Article 11 will
significantly enhance the City of New York's ability to provide
permanent housing for low income families and individuals that reside
in buildings owned and rehabilitated by housing development fund
companies.

EFFECTIVE DATE:

Immediately with provisions.

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

                                  7065

                            I N  S E N A T E

                             April 23, 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 84 of the laws of 1993, amending the private
  housing finance law relating to  establishment  of  initial  rents  in
  housing accommodations rehabilitated with loans to housing development
  companies, in relation to 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 84 of the laws of 1993,  amending  the
private  housing finance law, relating to establishment of initial rents
in housing accommodations rehabilitated with loans to  housing  develop-
ment  companies,  as  amended  by  chapter  143  of the laws of 2010, is
amended to read as follows:
  S 2. This act shall take effect immediately and shall remain  in  full
force  and  effect  until and including June 30, [2014] 2018 after which
date it shall expire and be deemed repealed except that  dwelling  units
made  subject  to  the rent stabilization law of nineteen hundred sixty-
nine pursuant to subdivision 2 of section 576-c of the  private  housing
finance  law,  as  added  by  section one of this act, shall continue to
remain subject to such law.
  S 2. This act shall take effect immediately, except that if  this  act
shall  have  become a law 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.
                                                           LBD14803-01-4

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