S T A T E O F N E W Y O R K
________________________________________________________________________
8886
2019-2020 Regular Sessions
I N A S S E M B L Y
December 18, 2019
___________
Introduced by M. of A. LENTOL -- read once and referred to the Committee
on Housing
AN ACT to amend the private housing finance law, in relation to estab-
lishing the neighborhood preservation companies development fund
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 911 to read as follows:
§ 911. NEIGHBORHOOD PRESERVATION COMPANIES DEVELOPMENT FUND. 1.
NOTWITHSTANDING ANY OTHER LAW, RULE OR REGULATION TO THE CONTRARY, THE
DIVISION SHALL CREATE A FUND TO PROVIDE NEIGHBORHOOD PRESERVATION COMPA-
NIES WITH FUNDING TO PURCHASE, REDEVELOP AND/OR MANAGE BUILDINGS WHICH
CONTAIN HOUSING ACCOMMODATIONS AFFORDABLE TO PERSONS OF LOW INCOME.
2. SUCH FUND SHALL CONSIST OF TWENTY-FIVE PERCENT OF THE MONIES
COLLECTED EACH YEAR FORM INDIVIDUALS ON NEW YORK TAXABLE INCOME OVER TWO
MILLION ONE HUNDRED FIFTY-FIVE THOUSAND THREE HUNDRED FIFTY DOLLARS
PURSUANT TO SECTION SIX HUNDRED ONE OF THE TAX LAW.
§ 2. Subdivision 3 of section 904 of the private housing finance law,
as amended by chapter 432 of the laws of 1997, is amended to read as
follows:
3. In no event shall any contract or payment be made, nor shall any
payments be used, to defray the costs of the construction, repair, reno-
vation, rehabilitation, operation, demolition, clearance or sealing of
any building or other structure, except that such funds may be used for
planning any such activity and for renovating, repairing, furnishing,
equipping and operating an office facility to be used in connection with
the conduct of neighborhood preservation activities by the neighborhood
preservation company; PROVIDED, HOWEVER, PAYMENTS MADE FROM THE NEIGH-
BORHOOD PRESERVATION COMPANIES DEVELOPMENT FUND PURSUANT TO SECTION NINE
HUNDRED ELEVEN OF THIS ARTICLE MAY BE USED FOR SUCH PURPOSES. Payments
shall be made by the division to the neighborhood preservation company,
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD14152-01-9
A. 8886 2
not less frequently than semi-annually, at or prior to the commencement
of each such time period, to compensate such company for the neighbor-
hood preservation activities which it shall undertake to perform
provided, that with respect to contracts entered into on or after June
thirtieth, nineteen hundred ninety-seven the first such payment shall be
made by the division beginning on or after July first of the fiscal year
for which an appropriation in support of such payment was made and
provided further that the final such payment to the neighborhood preser-
vation company shall be made no later than March thirty-first of such
fiscal year, unless such payment has been withheld pursuant to subdivi-
sion eight of section nine hundred three of this article.
§ 3. This act shall take effect on the ninetieth day after it shall
have become a law. Effective immediately, the addition, amendment and/or
repeal of any rule or regulation necessary for the implementation of
this act on its effective date are authorized to be made and completed
on or before such effective date.