senate Bill S6543

2017-2018 Legislative Session

Relates to the assets and supervision of housing development fund corporations

download bill text pdf

Sponsored By

Current Bill Status - In Senate Housing, Construction And Community Development Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 01, 2017 referred to housing, construction and community development

S6543 - Details

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

S6543 - Summary

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

S6543 - Sponsor Memo

S6543 - 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:
  S 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

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