Assembly Bill A3727

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

                                  3727

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 27, 2015
                               ___________

Introduced by M. of A. WRIGHT -- read once and referred to the Committee
  on Housing

AN  ACT  to  amend  the  administrative code of the city of New York, in
  relation to waivers of rent adjustments

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

  Section 1. Subdivision dd of section 11-243 of the administrative code
of  the city of New York, as added by local law number 41 of the city of
New York for the year 1988, is amended to read as follows:
  dd. [Partial waiver] WAIVER of rent adjustments attributable to  major
capital  improvements.  (1)  The provisions of this subdivision apply to
and are additional requirements for claiming or receiving any tax abate-
ment under this section, except as provided in paragraphs three and four
of this subdivision.
  (2) The owner of the property shall file with the department of  hous-
ing  preservation and development, on the date any application for bene-
fits is made, a declaration stating that in  consideration  of  any  tax
abatement  benefits  which  may be received pursuant to such application
for alterations or improvements constituting a  major  capital  improve-
ment,  such  owner  agrees  to waive the collection of a [portion of the
total annual amount of any] rent adjustment attributable to  such  major
capital  improvement which may be granted by the New York state division
of housing and community renewal pursuant to the rent stabilization code
equal to [one-half of] the total annual  amount  of  the  tax  abatement
benefits  which  the property receives pursuant to such application with
respect to such alterations or improvements. Such waiver shall  commence
on  the  date  of the first collection of such rent adjustment, provided
that, in the event that such tax abatement benefits were received  prior
to  such  first  collection,  the  amount  waived  shall be increased to
account for such tax abatement benefits  so  received.    Following  the
expiration of a tax abatement for alterations or improvements constitut-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05286-01-5
              

A. 3727                             2

ing  a  major  capital  improvement for which a rent adjustment has been
granted by such division, the owner may collect the full amount of annu-
al rent permitted pursuant to such  rent  adjustment.  A  copy  of  such
declaration  shall be filed simultaneously with the New York state divi-
sion of housing and community renewal. Such declaration shall be binding
upon such owner, and his or her successors and assigns.
  (3) The provisions of this subdivision shall not apply to  substantial
rehabilitation  of buildings vacant when alterations or improvements are
commenced or to buildings rehabilitated with the substantial  assistance
of city, state or federal subsidies.
  (4) The provisions of this subdivision shall apply only to alterations
and improvements commenced after its effective date.
  S 2. This act shall take effect immediately.