Senate Bill S8528

2017-2018 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 - In Senate Committee Cities 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
May 09, 2018	referred to cities

2017-S8528 (ACTIVE) - Details

See Assembly Version of this Bill:: A10560
Current Committee:: Senate Cities
Law Section:: Private Housing Finance Law
Laws Affected:: Amd §2, Chap 253 of 2004

2017-S8528 (ACTIVE) - Summary

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

2017-S8528 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S8528

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

 
PURPOSE:

This bill would grant the New York City Department of Housing Preserva-
tion and Development (HPD) authority to restructure rents for properties
acquired due to the foreclosure of a federal 203(k) home mortgage loan,
and conveyed by the federal government to an owner for the purpose of
undertaking an eligible rehabilitation project.

The Federal Department of Housing and Urban Development (HUD) and HPD
have been undertaking a joint effort to rehabilitate and transfer these
buildings to qualified owners.

The authority to restructure rents following the rehabilitation of a
building is necessary for the operation of an affordable housing devel-

opment. 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 reha-
bilitation 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, 2021.

Permitting these troubled properties to be eligible for rent restructur-
ing is essential in order for these buildings to be a source of afforda-
ble housing for the residents of the City of New York.

 
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,
2018. This bill extends this authority to June 30, 2021.

 
LEGISLATIVE HISTORY:

New Bill

 
FISCAL IMPLICATIONS:

None

 
EFFECTIVE DATE:
This act shall take effect immediately; provided, however, that if this
act shall have become a law after June 30, 2018, this act shall take
effect immediately and shall be deemed to have been in full force and
effect on and after June 30, 2018.

2017-S8528 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8528
 
                             I N  S E N A T E
 
                                May 9, 2018
                                ___________
 
 Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Cities
 
 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  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
 63 of the laws of 2014, is amended to read as follows:
   §  2.  This  act shall take effect immediately and shall expire and be
 deemed repealed June 30, [2018] 2021.
   § 2. This act shall take effect immediately; provided,  however,  that
 if  this act shall have become a law after June 30, 2018, this act shall
 take effect immediately and shall be deemed to have been in  full  force
 and effect on and after June 30, 2018.
 
 
 
 
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15750-01-8

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Senate Bill S8528

Sponsored By

Archive: Last Bill Status - In Senate Committee Cities Committee

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2017-S8528 (ACTIVE) - Details

2017-S8528 (ACTIVE) - Summary

2017-S8528 (ACTIVE) - Sponsor Memo

2017-S8528 (ACTIVE) - Bill Text download pdf

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Sponsored By

Betty Little

Archive: Last Bill Status - In Senate Committee Cities Committee

Actions

2017-S8528 (ACTIVE) - Details

2017-S8528 (ACTIVE) - Summary

2017-S8528 (ACTIVE) - Sponsor Memo

2017-S8528 (ACTIVE) - Bill Text download pdf

Comments