NY State Senate Bill 2017-S6543

Archive: Last Bill Status - Stricken

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 08, 2018	recommit, enacting clause stricken
Jan 03, 2018	referred to housing, construction and community development
Jun 01, 2017	referred to housing, construction and community development

2017-S6543 (ACTIVE) - Details

Law Section:: Private Housing Finance Law
Laws Affected:: Add §573-a, amd §§572, 573 & 577, Priv Hous Fin L

2017-S6543 (ACTIVE) - Summary

Relates to the assets and supervision of housing development fund corporations and redefines supervising agency for the purposes of housing and development companies.

2017-S6543 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S6543

 TITLE OF BILL :  An act to amend the private housing finance law, in
relation to the assets and supervision of housing development fund
corporations

 SUMMARY OF PROVISIONS :

Section 1 of the bill would add a new section 573-a to Article XI of
the Private Housing Finance Law ("PHFL"). This new section would
impose restrictions on Housing Development Fund Corporations ("HDFCs")
to ensure that the original intent of Article XI is carried out. For
example, subdivision 1 would prohibit an HDFC from leasing, or
allowing the occupancy of, a dwelling unit to a family that is not
low-income. Subdivision 2 would require an HDFC to obtain supervisory
agency approval prior to any transfer of all or substantially all of
its assets. Subdivisions 3 and 4 would also require an HDFC to obtain
supervisory agency approval before an HDFC leases its real property or
seeks to amend its certificate of incorporation. Subdivision 5 would
authorize the supervising agency to appoint a number of new directors
to the board of any HDFC that had violated Article XI or its
certificate of incorporation so that the new directors constitute a
majority of the board. It would also authorize the supervising agency
to revoke or suspend all or part of any tax exemption of such an HDFC.
Subdivision 5 would require that, prior to exercising these powers,
the supervising agency provide notice and an opportunity to cure to

the HDFC. Subdivision 6 would require supervisory agency approval for
an HDFC to acquire real property not specifically identified in its
certificate of incorporation. Subdivision 7 would provide that an HDFC
incorporated pursuant to Article XI and the Not-for-Profit Corporation
Law ("NPCL") are deemed to be charitable corporations. Subdivision 8
would apply certain sections of the NPCL to HDFCs incorporated
pursuant to Article XI and the Business Corporation Law ("BCL").
Subdivision 10 would allow an HDFC to vary charges or requirements to
account for instances in which, for example, units have different
income requirements or flip taxes are reduced based on duration of
ownership.

Section 2 would amend the definition of "supervising agency" in
section 572 of the Private Housing Finance Law to mean the agency in a
municipality that has jurisdiction over the development of affordable
housing.

Section 3 would amend section 573 of the Private Housing Finance Law
to require that an HDFC's certificate of incorporation specify that
the HDFC has been organized both to develop and to operate a housing
project for persons of low income.

Section 4 would add a new subdivision 4 to section 577 of the Private
Housing Finance Law that would authorize an HDFC to terminate its
existing real property tax exemption or abatement upon the
commencement of an exemption pursuant to Article XI of the PHFL.

Section 5 would provide a severability clause.6

Section 6 would provide that the bill take effect immediately.

 REASONS FOR SUPPORT :

Article XI was enacted in 1966 to facilitate the rehabilitation and
construction of low income housing through two types of non-profit
corporations: 1) HDFCs formed pursuant to Article XI and the NPCL for
the purpose of operating rental housing ("Rental HDFCs"); and 2) HDFCs
formed pursuant to Article XI and Section 402 of the BCL for the
purpose of operating cooperative housing ("Cooperative HDFCs").

Both Rental HDFCs and Cooperative HDFCs have the sole corporate
purpose of providing housing on a nonprofit basis to persons and
families of low income and both are eligible to receive tax
exemptions, below market financing, below market property
dispositions, as well as other forms of government assistance.

This bill adds a new section 573-a to Article XI of the PHFL to
clarify and implement the original intention of the statute to require
that all HDFCs operate as non-profit corporations. In keeping with
that intent, the bill subjects all HDFCs to the provisions of the NPCL
regarding dissolutions, mergers, and the sale of substantially all
corporate assets. In order to ensure that HDFCs provide rental or
cooperative housing for persons and families of low income as required
by Article XI, the bill codifies requirements related to the sale of
shares of stock in cooperative HDFCS, clarifies when approval of an
HDFC's supervising agency is required for certain acts (including
acquiring property and entering into long-term leases), and enhances
the supervising agency's enforcement powers (including the right to
appoint board members or revoke tax exemptions when an HDFC violates
the statute).

This amendment seeks to clarify and implement the original intent of
Article XI that all HDFCs, both rental and cooperative, must operate
on a non-profit basis to provide affordable housing to persons or
families of low income, and that their corporate assets are
safeguarded, by explicitly requiring that certain provisions of the
NPCL regarding dissolution, mergers, and the sale of all or
substantially all of the assets apply to Cooperative and Rental HDFCs.
The amendment also ensures that the supervising agency and the New
York. State Office of the Attorney General are required to approve
certain transactions involving dissolution, mergers and the sale of
all or substantially all of the assets of Cooperative and Rental
HDFCs.

Article XI was drafted in contemplation that HDFCs receiving tax
exemptions or below-market financing would operate pursuant to the
terms of agreements with their supervising agencies. Such agreements
provide the supervising agencies with the enforcement tools necessary
to care for the public investment in these properties, clear
guidelines for HDFCs to follow in governing themselves, and
restrictions on the subsequent sale or rental of units. Even in the
absence of such agreements, every HDFC is subject to substantial
statutory restrictions requiring it to provide housing for persons and
families of low income and to ensure that none of its assets inure to
the benefit of private individuals. Currently, many HDFCs do not have
agreements with their supervising agencies. Certain real estate
speculators are misrepresenting to HDFCs and to potential purchasers
of shares in Cooperative HDFCs that the lack of such an agreement
changes the sole corporate purpose of an HDFC -a representation that
is contrary to the legislative intent of Article XI and not supported
by the plain reading of the statute.

Many HDFCs currently operate with little oversight due to the lack of
agreements with their supervising agencies. Some HDFCs have attempted
to sell their real property for use as market rate housing, or have
allowed their shareholders to sell shares of stock for prices that are
not affordable to persons and families of low income. Such actions are
in direct contravention of the intent of Article XI.

To date, there are more than 1,000 Cooperative HDFCs that provide over
25,000 units of low income housing to shareholders, the majority in
Bronx, Kings and New York Counties. Because of often self-serving
misinterpretation of Article XI, such housing may be at risk of loss.

Although legislative history is clear that both Rental and Cooperative
HDFCs must operate on a non-profit basis and must maintain the sole
corporate purpose of providing low income housing, there is a great
need for an amendment to clarify that the corporate purpose of an HDFC
- to provide affordable housing to persons and families of low income
- is perpetual in duration. Absent the checks and balances provided by
the NPCL, there may be a great loss of affordable housing. New section
573-a serves to plainly state the intent of the original drafters of
Article XI by making clear that all HDFCs must be operated exclusively
on a non-profit basis, and that controlling provisions of the NPCL
govern the dissolution, merger, or sale of all or substantially all of
the assets of an HDFC.

Accordingly, the Mayor urges the earliest possible favorable
consideration of this proposal by the Legislature.

2017-S6543 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6543
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               June 1, 2017
                                ___________
 
 Introduced  by  Sen.  LITTLE -- 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 the
   assets and supervision of housing development fund corporations

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. The private housing finance law is amended by adding a new
 section 573-a to read as follows:
   § 573-A. ASSETS AND SUPERVISION OF  HOUSING  DEVELOPMENT  FUND  CORPO-
 RATIONS.  1.  EXCEPT AS MAY BE SPECIFICALLY AUTHORIZED IN WRITING BY THE
 COMMISSIONER OR THE SUPERVISING AGENCY, AS THE CASE MAY BE, (A) A  HOUS-
 ING  DEVELOPMENT  FUND  CORPORATION SHALL NOT CAUSE OR PERMIT ANY VACANT
 DWELLING UNIT TO BE LEASED TO, OR OCCUPIED BY, ANYONE OTHER  THAN  FAMI-
 LIES  AND  PERSONS  OF LOW INCOME, (B) A HOUSING DEVELOPMENT FUND CORPO-
 RATION ORGANIZED PURSUANT TO THE NOT-FOR-PROFIT  CORPORATION  LAW  SHALL
 NOT CAUSE OR PERMIT ANY DWELLING UNIT TO BE LEASED OR OCCUPIED AT A RENT
 THAT  IS NOT AFFORDABLE TO FAMILIES AND PERSONS OF LOW INCOME, AS DETER-
 MINED IN ACCORDANCE WITH STANDARDS ESTABLISHED BY  THE  COMMISSIONER  OR
 THE SUPERVISING AGENCY, AS THE CASE MAY BE AND (C) A HOUSING DEVELOPMENT
 FUND  CORPORATION  ORGANIZED  PURSUANT  TO  THE BUSINESS CORPORATION LAW
 SHALL NOT CAUSE OR PERMIT THE SALE, TRANSFER, ASSIGNMENT OR ISSUANCE  OF
 ANY  SHARES ALLOCATED TO ANY DWELLING UNIT TO ANYONE OTHER THAN FAMILIES
 AND PERSONS OF LOW INCOME,  OR  CAUSE  OR  PERMIT  THE  SALE,  TRANSFER,
 ASSIGNMENT  OR ISSUANCE OF ANY SHARES ALLOCATED TO ANY DWELLING UNIT FOR
 A PRICE THAT IS NOT AFFORDABLE TO FAMILIES AND PERSONS OF LOW INCOME, AS
 DETERMINED IN ACCORDANCE WITH STANDARDS ESTABLISHED BY THE  COMMISSIONER
 OR  THE  SUPERVISING  AGENCY. WHERE THE OWNERSHIP OF SHARES ALLOCATED TO
 ANY DWELLING UNIT IS  TRANSFERRED  BY  OPERATION  OF  LAW,  WITHOUT  THE
 CONSENT  OF THE HOUSING DEVELOPMENT FUND CORPORATION, TO PARTIES WHO ARE
 NOT FAMILIES AND PERSONS OF LOW INCOME, THE CORPORATION SHALL NOT  CAUSE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD11881-01-7

 S. 6543                             2
 
 OR  PERMIT  THE  OCCUPANCY OF THE DWELLING UNIT TO WHICH SUCH SHARES ARE
 ALLOCATED UNTIL THE SHARES HAVE BEEN SOLD OR OTHERWISE TRANSFERRED TO  A
 FAMILY  OR  PERSON  OF  LOW  INCOME THAT WILL OCCUPY SUCH DWELLING UNIT;
 PROVIDED,  HOWEVER, THAT THE CORPORATION SHALL NOT BE REQUIRED TO REMOVE
 ANY MEMBER OF THE PRIOR SHAREHOLDER'S  HOUSEHOLD  WHO  HAS  CONTINUOUSLY
 OCCUPIED  THE DWELLING UNIT TO WHICH SUCH SHARES ARE ALLOCATED AS HIS OR
 HER SOLE RESIDENCE FOR A PERIOD COMMENCING NOT LESS THAN TWO YEARS PRIOR
 TO THE EVENT WHICH RESULTED IN SUCH TRANSFER, EVEN IF THE ACTUAL  TRANS-
 FER OCCURRED AT A LATER DATE.
   2.  A HOUSING DEVELOPMENT FUND CORPORATION SHALL NOT SELL, TRANSFER OR
 ASSIGN ALL OR SUBSTANTIALLY ALL OF ITS ASSETS, OR ANY OF ITS REAL  PROP-
 ERTY,  WITHOUT  THE  PRIOR  WRITTEN  APPROVAL OF THE COMMISSIONER OR THE
 SUPERVISING AGENCY. A HOUSING DEVELOPMENT FUND CORPORATION SHALL  EITHER
 DEPOSIT  THE  PROCEEDS IF ANY SUCH SALE, TRANSFER OR ASSIGNMENT WITH THE
 COMMISSIONER OR THE SUPERVISING AGENCY, OR DEVOTE  SUCH  PROCEEDS  TO  A
 HOUSING  PROJECT  FOR FAMILIES AND PERSONS OF LOW INCOME, OR FOR RELATED
 AFFORDABLE HOUSING ACTIVITIES, IN A MANNER APPROVED IN  WRITING  BY  THE
 COMMISSIONER OR THE SUPERVISING AGENCY.
   3.  A  HOUSING DEVELOPMENT FUND CORPORATION SHALL NOT LEASE ANY OF ITS
 REAL PROPERTY, OTHER THAN A LEASE OF A SINGLE DWELLING UNIT OR A COMMER-
 CIAL UNIT FOR A TERM NOT EXCEEDING TWO YEARS, WITHOUT THE PRIOR  WRITTEN
 APPROVAL OF THE COMMISSIONER OR THE SUPERVISING AGENCY.
   4.  THE  CERTIFICATE  OF  INCORPORATION  OF A HOUSING DEVELOPMENT FUND
 CORPORATION SHALL NOT BE ALTERED OR AMENDED, AND THE  CORPORATION  SHALL
 NOT  BE DISSOLVED, WITHOUT (A) THE PRIOR WRITTEN APPROVAL OF THE COMMIS-
 SIONER OR THE SUPERVISING AGENCY AND (B) THE PRIOR WRITTEN  APPROVAL  OF
 ANY  GOVERNMENTAL  ENTITY  WHICH  HOLDS  A MORTGAGE OR OTHER LIEN ON ANY
 ASSETS OF THE CORPORATION OR TO WHICH ANY  INDEBTEDNESS  OF  THE  CORPO-
 RATION IS OUTSTANDING.
   5.  VIOLATIONS  BY  A HOUSING DEVELOPMENT FUND CORPORATION. (A) IF THE
 COMMISSIONER OR THE  SUPERVISING  AGENCY  DETERMINES  THAT  THE  HOUSING
 DEVELOPMENT  FUND CORPORATION HAS VIOLATED ANY OF THE PROVISIONS OF THIS
 ARTICLE OR ITS CERTIFICATE OF INCORPORATION OR HAS VIOLATED OR FAILED TO
 FULFILL ANY AGREEMENT WITH OR OBLIGATION TO A GOVERNMENTAL  ENTITY,  THE
 COMMISSIONER  OR  THE SUPERVISING AGENCY MAY (I) APPOINT TO THE BOARD OF
 DIRECTORS OF THE CORPORATION A NUMBER OF  NEW  DIRECTORS  SUFFICIENT  TO
 CONSTITUTE A MAJORITY OF SUCH BOARD, NOTWITHSTANDING ANY OTHER PROVISION
 OF  THE  CERTIFICATE,  THE  BY-LAWS  OF THE CORPORATION OR ANY AGREEMENT
 ENTERED INTO BY THE CORPORATION, (II) REVOKE OR SUSPEND ALL OR  PART  OF
 ANY EXEMPTION FROM LOCAL REAL PROPERTY TAXATION PURSUANT TO SECTION FIVE
 HUNDRED  SEVENTY-SEVEN OF THIS ARTICLE OR (III) EXERCISE ANY OTHER REME-
 DIES AVAILABLE UNDER APPLICABLE LAW OR PURSUANT TO  ANY  AGREEMENT  WITH
 THE CORPORATION.
   (B)  UNLESS THE COMMISSIONER OR THE SUPERVISING AGENCY DETERMINES THAT
 A CURE OF ANY SUCH VIOLATION OR FAILURE IS IMPOSSIBLE, PRIOR TO EXERCIS-
 ING ANY OF THE POWERS PROVIDED IN SUBDIVISION (A) OF THIS  SECTION,  THE
 COMMISSIONER  OR  THE  SUPERVISING  AGENCY  SHALL EITHER (I) PROVIDE THE
 CORPORATION WITH  THIRTY  DAYS  NOTICE  AND  OPPORTUNITY  TO  CURE  SUCH
 VIOLATION, (II) PROVIDE THE CORPORATION WITH SUCH NOTICE AND OPPORTUNITY
 TO  CURE  SUCH  VIOLATION  AS MAY BE PROVIDED IN ANY AGREEMENT BETWEEN A
 GOVERNMENTAL ENTITY AND THE CORPORATION OR (III) ONLY  WITH  RESPECT  TO
 THE  REVOCATION  OF  A  TAX  EXEMPTION  PURSUANT TO SECTION FIVE HUNDRED
 SEVENTY-SEVEN OF THIS ARTICLE, PROVIDE THE CORPORATION WITH SUCH  NOTICE
 AND  OPPORTUNITY  TO  CURE SUCH VIOLATION AS MAY BE PROVIDED IN A RESOL-
 UTION OF THE LOCAL LEGISLATIVE BODY.

 S. 6543                             3
 
   6. A HOUSING DEVELOPMENT FUND CORPORATION SHALL NOT ACQUIRE  ANY  REAL
 PROPERTY  NOT  SPECIFICALLY  IDENTIFIED  BY ADDRESS OR TAX PARCEL IN ITS
 CERTIFICATE OF INCORPORATION WITHOUT THE PRIOR WRITTEN APPROVAL  OF  THE
 COMMISSIONER OR THE SUPERVISING AGENCY.
   7.  ANY  HOUSING DEVELOPMENT FUND CORPORATION INCORPORATED PURSUANT TO
 THE PROVISIONS OF THIS ARTICLE AND THE  NOT-FOR-PROFIT  CORPORATION  LAW
 SHALL  BE  DEEMED TO BE A CHARITABLE CORPORATION, AS DEFINED IN SUBPARA-
 GRAPH THREE-A OF PARAGRAPH (A) OF SECTION ONE HUNDRED TWO  OF  THE  NOT-
 FOR-PROFIT CORPORATION LAW.
   8.  THE  FOLLOWING  PROVISIONS  OF  THE NOT-FOR-PROFIT CORPORATION LAW
 SHALL APPLY TO ANY HOUSING  DEVELOPMENT  FUND  CORPORATION  INCORPORATED
 PURSUANT  TO THE PROVISIONS OF THIS ARTICLE AND THE BUSINESS CORPORATION
 LAW: SECTION ONE HUNDRED TWELVE, SECTION  FIVE  HUNDRED  EIGHT,  SECTION
 FIVE  HUNDRED  TEN,  SECTION  FIVE  HUNDRED ELEVEN, SECTION FIVE HUNDRED
 ELEVEN-A, SECTION FIVE HUNDRED FIFTEEN, PARAGRAPH (D) OF  SECTION  SEVEN
 HUNDRED  SIX,  PARAGRAPH  (C) OF SECTION SEVEN HUNDRED FOURTEEN, SECTION
 SEVEN HUNDRED FIFTEEN, SECTION  SEVEN  HUNDRED  SIXTEEN,  SECTION  SEVEN
 HUNDRED  TWENTY,  SECTION  NINE  HUNDRED  SEVEN,  SECTION  NINE  HUNDRED
 SEVEN-A, SECTION NINE HUNDRED SEVEN-B,  PARAGRAPH  (D)  OF  SECTION  ONE
 THOUSAND TWO, PARAGRAPH (A) OF SECTION ONE THOUSAND TWO-A, PARAGRAPH (C)
 OF  SECTION  ONE  THOUSAND  TWO-A, PARAGRAPH (B) OF SECTION ONE THOUSAND
 THREE, PARAGRAPH (C) OF  SECTION  ONE  THOUSAND  THREE,  SECTION  ELEVEN
 HUNDRED  ONE  AND  SECTION ELEVEN HUNDRED TWO. WHERE ANY CONFLICT EXISTS
 BETWEEN THE PROVISIONS OF THE NOT-FOR-PROFIT CORPORATION LAW  LISTED  IN
 THIS SUBDIVISION AND THE BUSINESS CORPORATION LAW, THE PROVISIONS OF THE
 NOT-FOR-PROFIT CORPORATION LAW SHALL CONTROL.
   9.  A  HOUSING  DEVELOPMENT  FUND CORPORATION INCORPORATED PURSUANT TO
 THIS ARTICLE AND THE BUSINESS CORPORATION LAW SHALL NOT:
   (A) CAUSE OR PERMIT ANY SHAREHOLDER TO OWN SHARES  ALLOCATED  TO  MORE
 THAN ONE DWELLING UNIT WITHOUT THE PRIOR WRITTEN APPROVAL OF THE COMMIS-
 SIONER OR THE SUPERVISING AGENCY; OR
   (B)  CAUSE  OR PERMIT ANY DWELLING UNIT TO BE COMBINED, ELIMINATED, OR
 DEVOTED TO ANY USE OTHER THAN OCCUPANCY BY FAMILIES OR  PERSONS  OF  LOW
 INCOME  WITHOUT  THE  PRIOR  WRITTEN APPROVAL OF THE COMMISSIONER OR THE
 SUPERVISING AGENCY.
   10. NOTWITHSTANDING ANY PROVISION OF PARAGRAPH  (C)  OF  SECTION  FIVE
 HUNDRED  ONE  OF THE BUSINESS CORPORATION LAW TO THE CONTRARY, A HOUSING
 DEVELOPMENT FUND CORPORATION INCORPORATED PURSUANT TO THIS  ARTICLE  AND
 THE  BUSINESS CORPORATION LAW MAY, WITH THE APPROVAL OF THE COMMISSIONER
 OR THE SUPERVISING AGENCY IMPOSE DIFFERENT  CHARGES,  FEES,  ASSESSMENTS
 AND REQUIREMENTS WITH RESPECT TO DIFFERENT DWELLING UNITS AND THE SHARES
 ALLOCATED  TO SUCH DWELLING UNITS. THE REASONS FOR SUCH DIFFERENT CHARG-
 ES, FEES, ASSESSMENTS AND REQUIREMENTS MAY INCLUDE,  BUT  SHALL  NOT  BE
 LIMITED TO, DIFFERENCES IN (A) THE INCOME REQUIREMENTS FOR OCCUPANCY OF,
 OR  ACTUAL INCOMES OF THE HOUSEHOLDS OCCUPYING, SPECIFIC DWELLING UNITS,
 (B) THE DURATION OF OWNERSHIP OF SHARES OR THE DATE OR CIRCUMSTANCES  OF
 THE  PURCHASE  OF  SUCH SHARES AND (C) THE DEGREE OF COMPLIANCE WITH THE
 PROPRIETARY LEASE OR WITH ANY AGREEMENT BETWEEN THE  CORPORATION  AND  A
 GOVERNMENTAL ENTITY.
   § 2. Subdivision 14 of section 572 of the private housing finance law,
 as  amended  by  chapter  655 of the laws of 1978, is amended to read as
 follows:
   14. "Supervising Agency." [The comptroller in a municipality having  a
 comptroller;  in  a municipality having no comptroller, the chief fiscal
 officer of such municipality; except that] THE AGENCY IN A  MUNICIPALITY
 HAVING  JURISDICTION  OVER  THE  DEVELOPMENT AND OPERATION OF AFFORDABLE

 S. 6543                             4
 
 HOUSING, REGARDLESS OF ANY AGENCY SPECIFIED IN THE CERTIFICATE OF INCOR-
 PORATION OF A HOUSING DEVELOPMENT FUND CORPORATION, OR, in the  city  of
 New  York  [it  shall  be],  the  department of housing preservation and
 development.
   §  3. Paragraph a of subdivision 3 of section 573 of the private hous-
 ing finance law, as amended by chapter 758  of  the  laws  of  1967,  is
 amended to read as follows:
   a.  that  the  company  has  been organized exclusively to develop AND
 OPERATE a housing project for persons of low income;
   § 4. Section 577 of the private housing  finance  law  is  amended  by
 adding a new subdivision 4 to read as follows:
   4.  NOTWITHSTANDING  THE  PROVISIONS  OF ANY GENERAL, SPECIAL OR LOCAL
 LAW, UPON THE COMMENCEMENT OF AN EXEMPTION PURSUANT TO THIS SECTION WITH
 RESPECT TO ANY REAL PROPERTY IN A PROJECT OF A HOUSING DEVELOPMENT  FUND
 CORPORATION,  SUCH CORPORATION MAY, WITH THE CONSENT OF THE COMMISSIONER
 OR THE SUPERVISING AGENCY, TERMINATE ANY OTHER TAX EXEMPTION  OR  ABATE-
 MENT APPLICABLE TO SUCH PROPERTY.
   §  5. Severability. If any clause, sentence, paragraph, subdivision or
 section of this act shall be adjudged by any court of  competent  juris-
 diction to be invalid, such judgment shall not affect, impair, or inval-
 idate  the  remainder thereof, but shall be confined in its operation to
 the clause, sentence, paragraph, subdivision or section thereof directly
 involved in the controversy in  which  such  judgment  shall  have  been
 rendered.
   § 6. This act shall take effect immediately.

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Senate Bill S6543

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Archive: Last Bill Status - Stricken

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2017-S6543 (ACTIVE) - Bill Text download pdf

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Sponsored By

Betty Little

Archive: Last Bill Status - Stricken

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2017-S6543 (ACTIVE) - Details

2017-S6543 (ACTIVE) - Summary

2017-S6543 (ACTIVE) - Sponsor Memo

2017-S6543 (ACTIVE) - Bill Text download pdf

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