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Assembly Bill A6992

2019-2020 Legislative Session

Relates to the payment of arrears for certain taxes

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Archive: Last Bill Status - In Assembly Committee

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2019-A6992 (ACTIVE) - Details

See Senate Version of this Bill:
S5279
Current Committee:
Assembly Housing
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §577-b, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2021-2022: A3299, S2015
2023-2024: A462, S4965
2025-2026: S6781

2019-A6992 (ACTIVE) - Summary

Modifies certain eligibility requirements and extends the time period for the payment of arrears for certain taxes.

2019-A6992 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6992
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               April 3, 2019
                                ___________
 
 Introduced  by M. of A. EPSTEIN -- read once and referred to the Commit-
   tee on Housing
 
 AN ACT to amend the private housing finance  law,  in  relation  to  the
   payment of arrears for certain taxes
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Paragraph (b) of subdivision 1 and subparagraphs 1 and 9 of
 paragraph (b) of subdivision 2 of section 577-b of the  private  housing
 finance law, paragraph (b) of subdivision 1 as amended by chapter 225 of
 the  laws of 2004 and subparagraphs 1 and 9 of paragraph (b) of subdivi-
 sion 2 as added by chapter 315 of the laws  of  2002,  are  amended  and
 paragraph  (b)  of subdivision 2 is amended by adding a new subparagraph
 4-a to read as follows:
   (b) [on January first, two thousand two, had] HAS outstanding  munici-
 pal  real  estate  taxes  relating to any PRIOR period [prior to January
 first, two thousand one].
   (1) a term of [thirty] FORTY years;
   (4-A) THAT  SUSPENDED  ARREARS  SHALL  BE  SUBORDINATED  TO  ANY  LOAN
 OBTAINED  BY  THE  HOUSING  DEVELOPMENT  FUND  CORPORATION FOR ALLOWABLE
 PURPOSES;
   (9) that the company shall be required to increase maintenance charges
 BY A MINIMUM OF TWO PERCENT PER YEAR or  impose  assessments  to  insure
 that the company can provide for its obligations.
   § 2. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10645-02-9

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