Senate Bill S7403

2017-2018 Legislative Session

Relates to requiring the state commissioner of economic development and the New York city commissioner of buildings to collect certain documents from developers

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Archive: Last Bill Status - In Senate Committee Commerce, Economic Development And Small Business Committee

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 12, 2018	referred to commerce, economic development and small business

2017-S7403 (ACTIVE) - Details

Current Committee:: Senate Commerce, Economic Development And Small Business
Law Section:: Economic Development Law
Laws Affected:: Amd §10, Ec Dev L; amd §641, NYC Chart

2017-S7403 (ACTIVE) - Summary

Relates to requiring the commissioner to collect certain documents from developers of affordable housing units.

2017-S7403 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER:    S7403

SPONSOR: HAMILTON
 
TITLE OF BILL:  An act to amend the economic development law and the
New York city charter, in relation to requiring the state commissioner
of economic development and the New York city commissioner of buildings
to collect certain documents from developers

 
PURPOSE:

This bill allows for increased transparency by requiring all financials
for projects that created affordable housing units be posted on a
website accessible to the public. The website should include the number
of market rate and below market units as well as environmental impact,
loan guarantees, financial subsidies and timeframe for the project.

 
SUMMARY OF PROVISIONS:

Section 1: Amends Section 10 of the Economic Development to include the
procedure for posting of information relating to building of the afford-
able housing units in these projects post financial documentation to a

website including environmental impacts, loan guarantees, financial
subsidies and timeframe for the project.

Section 2: Amends Section 641 of the New York City Charter, to include
the procedure for posting of information relating to building of the
affordable housing units in these projects post financial documentation
to a website including environmental impacts, loan guarantees, financial
subsidies and timeframe for the project.

 
EXISTING LAW:

Under current law, New York does not require the public disclosure of
any documentation of any Requests for proposals and awards for projects
that have affordable housing units.

 
JUSTIFICATION:

Transparency is important to those entrusted with doing the public and
good and making sure decisions involving the public treasury and proper-
ty are done in the public's interest. This legislation would require the
posting of information from developers who are awarded to build afforda-
ble housing units with public monies. The public has a right to examine
the financial documentation of these projects to ensure that the public
understands the including environmental impacts, loan guarantees, finan-
cial subsidies and timeframe for the project.

The Bedford Armory project in Brooklyn is an example where a munici-
pality said that it got the best deal it could for the community and
that any more increased affordability would have made the project not
financially viable, but without information available to the public, how
can someone be sure that this is the best deal or that it creates the
maximum affordable housing units.

 
LEGISLATIVE HISTORY:

This is a new bill.

 
FISCAL IMPLICATIONS:
Minimal in terms of costs to post because the websites exist in addition
to the technical staff.

 
LOCAL FISCAL IMPLICATIONS:

Minimal in terms of costs to post because the websites exist in addition
to the technical staff.

 
EFFECTIVE DATE:
This act shall take effect on the thirtieth day after it shall have
become a law.

2017-S7403 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7403
 
                             I N  S E N A T E
 
                             January 12, 2018
                                ___________
 
 Introduced  by Sen. HAMILTON -- read twice and ordered printed, and when
   printed to be committed to the Committee on Commerce, Economic  Devel-
   opment and Small Business
 
 AN ACT to amend the economic development law and the New York city char-
   ter,  in  relation  to  requiring  the  state commissioner of economic
   development and the New York city commissioner of buildings to collect
   certain documents from developers
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section 10 of the economic development law, as amended by
 chapter 839 of the laws of 1987, is amended to read as follows:
   § 10. Department of economic development; commissioner. There shall be
 in the state government a department of economic development.  The  head
 of  the department shall be the commissioner of economic development who
 shall be appointed by the governor, by and with the advice  and  consent
 of the senate, and hold office until the end of the term of the governor
 by  whom  he  was appointed and until his successor is appointed and has
 qualified. The principal office of the department shall be in  the  city
 of  Albany.  Regional  offices  may be established and maintained by the
 department in such places as the  commissioner  may  determine  and  for
 which  appropriations are made by the legislature. The commissioner may,
 with the commissioners of general services,  transportation  and  labor,
 develop  and institute a procedure for the uniform collection of employ-
 ment and economic data within the state for use in connection  with  the
 scheduling of public works projects.  THE COMMISSIONER SHALL DEVELOP AND
 INSTITUTE A PROCEDURE FOR THE COLLECTION OF FINANCIAL DOCUMENTATION FROM
 DEVELOPERS  RELATED  TO  THE  BUILDING  OF AFFORDABLE HOUSING UNITS WITH
 PUBLIC MONEY AND SHALL  POST  ALL  SUCH  FINANCIAL  DOCUMENTATION  TO  A
 WEBSITE  ACCESSIBLE  TO  THE  PUBLIC. SUCH FINANCIAL DOCUMENTATION SHALL
 INCLUDE, BUT NOT BE LIMITED TO, THE NUMBER  OF  MARKET  RATE  AND  BELOW
 MARKET RATE APARTMENTS, THE TERMS OF AGREEMENT, ANY ANTICIPATED ENVIRON-
 MENTAL IMPACT, LOAN GUARANTEES, FINANCIAL SUBSIDIES AND THE TIMELINE FOR
 THE PROJECT.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD13447-01-7

 S. 7403                             2
 
   § 2. Section 641 of the New York city charter, as amended by local law
 number  39  of  the city of New York for the year of 2008, is amended to
 read as follows:
   § 641. Department; commissioner. There shall be a department of build-
 ings,  the  head  of  which  shall be the commissioner of buildings. The
 commissioner or the first deputy  commissioner  shall  be  a  registered
 architect or a licensed professional engineer in good standing under the
 education law.  THE COMMISSIONER SHALL DEVELOP AND INSTITUTE A PROCEDURE
 FOR THE COLLECTION OF FINANCIAL DOCUMENTATION FROM DEVELOPERS RELATED TO
 THE  BUILDING  OF  AFFORDABLE  HOUSING UNITS WITH PUBLIC MONEY AND SHALL
 POST ALL SUCH FINANCIAL DOCUMENTATION TO A  WEBSITE  ACCESSIBLE  TO  THE
 PUBLIC.  SUCH  FINANCIAL DOCUMENTATION SHALL INCLUDE, BUT NOT BE LIMITED
 TO, THE NUMBER OF MARKET RATE AND  BELOW  MARKET  RATE  APARTMENTS,  THE
 TERMS  OF  AGREEMENT, ANY ANTICIPATED ENVIRONMENTAL IMPACT, LOAN GUARAN-
 TEES, FINANCIAL SUBSIDIES AND THE TIMELINE FOR THE PROJECT.
   § 3. This act shall take effect on the thirtieth day  after  it  shall
 have become a law.

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Senate Bill S7403

Sponsored By

Archive: Last Bill Status - In Senate Committee Commerce, Economic Development And Small Business Committee

Actions

2017-S7403 (ACTIVE) - Details

2017-S7403 (ACTIVE) - Summary

2017-S7403 (ACTIVE) - Sponsor Memo

2017-S7403 (ACTIVE) - Bill Text download pdf

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Sponsored By

Jesse Hamilton

Archive: Last Bill Status - In Senate Committee Commerce, Economic Development And Small Business Committee

Actions

2017-S7403 (ACTIVE) - Details

2017-S7403 (ACTIVE) - Summary

2017-S7403 (ACTIVE) - Sponsor Memo

2017-S7403 (ACTIVE) - Bill Text download pdf

Comments