NY State Senate Bill 2019-S7782

Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development 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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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Feb 19, 2020	referred to housing, construction and community development

2019-S7782 (ACTIVE) - Details

See Assembly Version of this Bill:: A8436
Current Committee:: Senate Housing, Construction And Community Development
Law Section:: Private Housing Finance Law
Laws Affected:: Add Art 31 §§1280 - 1287, Priv Hous Fin L; amd §11.00, Loc Fin L
Versions Introduced in Other Legislative Sessions:: 2021-2022: S2731, A3669
2023-2024: S2985, A6655

2019-S7782 (ACTIVE) - Summary

Establishes the affordability plus program in cities having a population of one million or more to provide loans and grants to increase the supply of housing accommodations for families and persons of low income; makes related provisions.

2019-S7782 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S7782

SPONSOR: KAVANAGH
 
TITLE OF BILL:

An act to amend the private housing finance law and the local finance
law, in relation to affordable housing in cities having a population of
one million or more

 
PURPOSE:

The purpose of this bill is to create the Affordability Plus Program
which would authorize the City of New York to make loans or grants for
the construction, rehabilitation, conversion, acquisition or refinancing
of affordable housing.

 
SUMMARY OF PROVISIONS:

Section 1 amends the Private Housing Finance Law ("PHFL") by adding a
new Article XXXI, referred to as the Affordability Plus Program
("Affordability Plus"), which would apply to cities having a population

of one million or more. Such cities would be authorized to fund other
costs associated with the development of affordable housing, including
site and infrastructure improvements.

Affordability Plus would require that housing accommodations that
receive such loans or grants be restricted to occupancy by families and
persons of low income. The rents or sales prices for such housing would
be required to be affordable, on average, to households earning one
hundred twenty percent of the area median income, adjusted for household
size. Such housing accommodations would also be subject to rent stabili-
zation unless they are transitional housing, homeownership housing or
located in a building containing fewer than six units. Affordability
Plus would authorize the establishment of new initial rents for rent-
stabilized dwelling units in a building that has been rehabilitated with
a loan pursuant to this new program.

The bill requires an agency that implements Affordability Plus to report
to the Legislature on an annual basis on the housing production activity
undertaken pursuant to Affordability Plus during the previous city
fiscal year.

Section 2 amends the Local Finance Law by adding a new paragraph 41-f to
subdivision a of section 11.00, providing that the making of loans or
grants pursuant to Affordability Plus, and improvements associated with
the construction, rehabilitation, conversion, acquisition or refinancing
of housing accommodations pursuant to Affordability Plus, will have a
period of probable usefulness of thirty years.

Section 3 sets the effective date.

 
JUSTIFICATION:

In cities with a population of one million or more, there is currently a
seriously inadequate supply of safe and sanitary housing accommodations
within the financial reach of families and persons of low income. This
dearth of housing is not in the public interest and threatens the
health, safety, welfare, comfort and security of the people of such
cities.
Existing laws governing the abilities of cities with a population of one
million or more to provide financial assistance to preservation projects
are over 40 years old, and require a new framework. The original laws
were meant to support renovation of extremely physically distressed
properties, which does not provide sufficient flexibility for the needs
of modern times.

The proposed legislation would establish a new tool that cities with a
population of one million or more could use to convey the assistance
needed to, among other actions, fund the acquisition and financing of
affordable housing that does not need substantial rehabilitation, which
would facilitate responsible owners taking over such housing and, in
turn, guarantee that more homes remain affordable. The bill would also
require that such cities must certify that any assistance provided under
the legislation is necessary in order to ensure that the building main-
tains affordability.

By providing such cities with greater flexibility in financing afforda-
ble housing, many worthwhile projects that cannot currently receive a
loan or grant from such cities would become eligible. For example, if
passed, the bill would permit refinancing to keep existing projects
coming to the end of their regulatory agreements affordable.

The proposed new paragraph 41-f to subdivision a of section 11.00 of the
Local Finance Law is necessary in order for such cities to make loans or
grants of capital funds pursuant to Affordability Plus.

 
PRIOR LEGISLATIVE HISTORY:

None

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2019-S7782 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7782
 
                             I N  S E N A T E
 
                             February 19, 2020
                                ___________
 
 Introduced  by Sen. KAVANAGH -- 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 and the local finance
   law, in relation to affordable housing in cities having  a  population
   of one million or more

   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
 article 31 to read as follows:
                               ARTICLE XXXI
                        AFFORDABILITY PLUS PROGRAM
 SECTION 1280. SHORT TITLE.
         1281. STATEMENT OF LEGISLATIVE FINDINGS AND PURPOSE.
         1282. DEFINITIONS.
         1283. LOANS AND GRANTS.
         1284. RENTS.
         1285. RULES; ENFORCEMENT.
         1286. SEVERABILITY.
         1287. REPORTING.
   §  1280.  SHORT TITLE. THIS ARTICLE SHALL BE KNOWN AND MAY BE CITED AS
 THE "AFFORDABILITY  PLUS PROGRAM".
   § 1281. STATEMENT OF LEGISLATIVE FINDINGS AND PURPOSE. THE LEGISLATURE
 HEREBY FINDS AND DECLARES THAT THERE IS, IN CITIES HAVING  A  POPULATION
 OF  ONE MILLION OR MORE, A SERIOUSLY INADEQUATE SUPPLY OF SAFE AND SANI-
 TARY HOUSING ACCOMMODATIONS WITHIN THE FINANCIAL REACH OF  FAMILIES  AND
 PERSONS OF LOW INCOME. THIS CONDITION IS CONTRARY TO THE PUBLIC INTEREST
 AND  THREATENS  THE HEALTH, SAFETY, WELFARE, COMFORT AND SECURITY OF THE
 PEOPLE OF SUCH CITIES. THE LEGISLATURE FURTHER FINDS AND  DECLARES  THAT
 THE ORDINARY OPERATIONS OF PRIVATE ENTERPRISE CANNOT PROVIDE AN ADEQUATE
 SUPPLY  OF  SAFE  AND SANITARY HOUSING ACCOMMODATIONS AT RENTAL AND SALE
 PRICES THAT FAMILIES AND PERSONS OF LOW INCOME CAN  AFFORD.  IT  IS  THE
 PURPOSE  OF  THIS ACT TO PROVIDE LOANS AND GRANTS TO INCREASE THE SUPPLY
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD13342-01-9

 S. 7782                             2
 
 OF HOUSING ACCOMMODATIONS FOR FAMILIES AND PERSONS OF  LOW  INCOME,  AND
 THEREBY IMPROVE THE QUALITY OF LIFE FOR ALL THE PEOPLE OF SUCH CITIES.
   §  1282.  DEFINITIONS. FOR THE PURPOSES OF THIS ARTICLE, THE FOLLOWING
 TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   1. "AGENCY" SHALL MEAN A DEPARTMENT OF HOUSING PRESERVATION AND DEVEL-
 OPMENT IN A CITY HAVING A POPULATION OF ONE MILLION OR MORE.
   2. "HOUSING ACCOMMODATIONS"  SHALL  MEAN:(A)  A  PRIVATE  OR  MULTIPLE
 DWELLING,  OR  ANY  OTHER  STRUCTURE  CONTAINING DWELLING UNITS, ROOMING
 UNITS OR SLEEPING ACCOMMODATIONS, TOGETHER WITH THE LAND ON  WHICH  SUCH
 STRUCTURE  IS  SITUATED;  (B)  ANY REAL PROPERTY TO BE CONVERTED TO SUCH
 USER; OR (C) ALL OR A PORTION OF THE DWELLING UNITS,  ROOMING  UNITS  OR
 SLEEPING ACCOMMODATIONS THEREIN.
   3.  "OWNER"  SHALL MEAN A PERSON HAVING RECORD OR BENEFICIAL OWNERSHIP
 OF REAL PROPERTY OR A LESSEE OF REAL PROPERTY HAVING AN  UNEXPIRED  TERM
 OF AT LEAST THIRTY YEARS.
   4.  "REGULATORY  AGREEMENT"  SHALL  MEAN  A  WRITTEN AGREEMENT WITH OR
 APPROVED BY A CITY HAVING A POPULATION  OF  ONE  MILLION  OR  MORE  THAT
 REQUIRES  THE  PROVISION  OF  HOUSING  ACCOMMODATIONS  FOR  FAMILIES AND
 PERSONS OF LOW INCOME, IS ENTERED INTO ON OR AFTER THE EFFECTIVE DATE OF
 THIS ARTICLE, SPECIFICALLY PROVIDES THAT IT IS ENTERED INTO PURSUANT  TO
 THIS  ARTICLE, IS RECORDED AGAINST ONE OR MORE PARCELS OF REAL PROPERTY,
 AND BINDS THE OWNER  OF  SUCH  REAL  PROPERTY  AND  ITS  SUCCESSORS  AND
 ASSIGNS.  A REGULATORY AGREEMENT MAY INCLUDE SUCH OTHER TERMS AND CONDI-
 TIONS AS SUCH CITY SHALL DETERMINE.
   5. "RENT STABILIZATION" SHALL MEAN, COLLECTIVELY, THE RENT  STABILIZA-
 TION  LAW  OF  NINETEEN HUNDRED SIXTY-NINE, THE RENT STABILIZATION CODE,
 AND THE EMERGENCY TENANT PROTECTION ACT  OF  NINETEEN  HUNDRED  SEVENTY-
 FOUR,  ALL  AS  IN EFFECT AS OF THE EFFECTIVE DATE OF THIS ARTICLE OR AS
 AMENDED THEREAFTER, TOGETHER WITH ANY SUCCESSOR STATUTES OR  REGULATIONS
 ADDRESSING SUBSTANTIALLY THE SAME SUBJECT MATTER.
   §  1283.  LOANS  AND  GRANTS. 1. NOTWITHSTANDING THE PROVISIONS OF ANY
 GENERAL, SPECIAL OR LOCAL LAW, A CITY HAVING A POPULATION OF ONE MILLION
 OR MORE IS AUTHORIZED TO MAKE LOANS OR GRANTS TO THE OWNER OF  ANY  REAL
 PROPERTY  FOR  THE PURPOSE OF: (A) CONSTRUCTION, REHABILITATION, CONVER-
 SION, ACQUISITION OR REFINANCING OF HOUSING ACCOMMODATIONS; (B)  PROVID-
 ING  SITE  IMPROVEMENTS,  INCLUDING, BUT NOT LIMITED TO, WATER AND SEWER
 FACILITIES, SIDEWALKS, LANDSCAPING, THE CURING  OF  PROBLEMS  CAUSED  BY
 ABNORMAL  SITE  CONDITIONS,  EXCAVATION AND CONSTRUCTION OF FOOTINGS AND
 FOUNDATIONS AND OTHER IMPROVEMENTS  ASSOCIATED  WITH  THE  PROVISION  OF
 INFRASTRUCTURE  FOR  HOUSING  ACCOMMODATIONS; OR (C) PROVIDING FOR OTHER
 COSTS OF DEVELOPING HOUSING ACCOMMODATIONS.
   2. ANY LOAN MADE IN ACCORDANCE WITH THIS SECTION SHALL BE EVIDENCED BY
 A NOTE AND MAY BE SECURED BY: (A) A MORTGAGE UPON THE  INTEREST  OF  THE
 OWNER IN THE REAL PROPERTY ASSISTED; (B) IN THE CASE OF A CONDOMINIUM, A
 MORTGAGE  UPON  EACH OF THE HOUSING ACCOMMODATIONS ASSISTED BY SUCH LOAN
 OR; (C) IN THE CASE OF A COOPERATIVE HOUSING CORPORATION,  A  LIEN  UPON
 THE  ECONOMIC  INTEREST  IN  SUCH CORPORATION OF EACH TENANT-SHAREHOLDER
 ASSISTED BY SUCH LOAN, OR A MORTGAGE UPON THE REAL PROPERTY ASSISTED, OR
 BOTH SUCH LIEN AND SUCH MORTGAGE. ANY SUCH MORTGAGE MAY BE  CONSOLIDATED
 WITH  A  MUNICIPALLY-AIDED  MORTGAGE THAT ENCUMBERS THE REAL PROPERTY AT
 THE TIME OF THE MAKING  OF  THE  LOAN  PURSUANT  TO  THIS  SECTION.  FOR
 PURPOSES  OF  THIS ARTICLE, THE TERM "MORTGAGE" SHALL INCLUDE ANY PLEDGE
 OR ASSIGNMENT OF SHARES, OR ASSIGNMENT OF  A  PROPRIETARY  LEASE,  IN  A
 COOPERATIVE  HOUSING  CORPORATION  WHERE  SUCH  PLEDGE  OR ASSIGNMENT IS
 INTENDED AS SECURITY FOR THE PERFORMANCE OF AN OBLIGATION AND IMPOSES  A
 LIEN ON OR AFFECTS TITLE TO SUCH SHARES OR SUCH PROPRIETARY LEASE.

 S. 7782                             3

   3.  THE  REPAYMENT  OF  ANY  LOAN MADE IN ACCORDANCE WITH THIS SECTION
 SHALL BE MADE IN SUCH MANNER AS MAY BE PROVIDED  IN  THE  NOTE  AND  ANY
 MORTGAGE  IN  CONNECTION  WITH  SUCH  LOAN.  SUCH  NOTE AND MORTGAGE MAY
 CONTAIN SUCH TERMS AND CONDITIONS AS THE  CITY  MAY  DEEM  NECESSARY  OR
 DESIRABLE  TO  EFFECTUATE  THE  PURPOSES AND PROVISIONS OF THIS ARTICLE.
 SUCH TERMS AND CONDITIONS MAY INCLUDE, BUT  SHALL  NOT  BE  LIMITED  TO,
 PROVISIONS  CONCERNING: (A) THE REPAYMENT OF THE LOAN; (B) THE INTEREST,
 IF ANY, THEREON; (C) THE CHARGES, IF ANY, IN CONNECTION  THEREWITH;  AND
 (D)  THE PREPAYMENT OF THE PRINCIPAL OF THE LOAN. SUCH NOTE AND MORTGAGE
 MAY PROVIDE THAT ALL OR A PORTION OF THE PRINCIPAL  OF  THE  LOAN  SHALL
 AUTOMATICALLY  BE REDUCED TO ZERO OVER A PERIOD OF CONTINUOUS COMPLIANCE
 BY THE OWNER WITH A REGULATORY AGREEMENT AND UPON  THE  SATISFACTION  OF
 ANY   ADDITIONAL  CONDITIONS  SPECIFIED  THEREIN.  NOTWITHSTANDING  SUCH
 PROVISION AS CONTAINED IN THE NOTE AND MORTGAGE, ALL OR A PORTION OF THE
 PRINCIPAL OF THE LOAN SHALL BE REDUCED TO ZERO  ONLY  IF,  PRIOR  TO  OR
 SIMULTANEOUSLY  WITH DELIVERY OF SUCH NOTE AND MORTGAGE, THE AGENCY MADE
 A WRITTEN DETERMINATION THAT SUCH REDUCTION WOULD BE NECESSARY TO ENSURE
 THE CONTINUED AFFORDABILITY OR ECONOMIC VIABILITY OF THE HOUSING  ACCOM-
 MODATIONS  ASSISTED BY SUCH LOAN. SUCH WRITTEN DETERMINATION SHALL DOCU-
 MENT THE BASIS UPON WHICH THE LOAN WAS DETERMINED  TO  BE  ELIGIBLE  FOR
 EVAPORATION.
   4.  THE  CITY SHALL REQUIRE THE OWNER OF ANY REAL PROPERTY THAT IS THE
 SUBJECT OF A LOAN OR GRANT PURSUANT  TO  THIS  SECTION  TO  EXECUTE  AND
 RECORD  A  REGULATORY  AGREEMENT HAVING A TERM COMMENCING NOT LATER THAN
 THE DATE OF SUCH LOAN OR GRANT. THE REGULATORY AGREEMENT  SHALL  PROVIDE
 THAT THE OWNER SHALL RENT OR SELL ALL HOUSING ACCOMMODATIONS REQUIRED TO
 BE  OCCUPIED  BY  FAMILIES  AND PERSONS OF LOW INCOME AT RENTAL OR SALES
 PRICES THAT DO NOT EXCEED, AVERAGING ALL HOUSING ACCOMMODATIONS REQUIRED
 TO BE OCCUPIED BY FAMILIES AND PERSONS OF LOW INCOME BY  THE  REGULATORY
 AGREEMENT,  RENTAL  OR  SALES  PRICES  THAT ARE AFFORDABLE TO HOUSEHOLDS
 EARNING ONE HUNDRED TWENTY PERCENT OF THE AREA MEDIAN  INCOME,  ADJUSTED
 FOR HOUSEHOLD SIZE.
   5.  THE CITY SHALL NOT MAKE ANY LOAN OR GRANT PURSUANT TO THIS SECTION
 UNLESS THE AGENCY HAS MADE A WRITTEN DETERMINATION, WHICH SHALL BE STAT-
 ED OR REFERENCED IN THE REGULATORY AGREEMENT, THAT SUCH LOAN OR GRANT IS
 NECESSARY TO ENSURE THE AFFORDABILITY OR ECONOMIC VIABILITY OF THE HOUS-
 ING ACCOMMODATIONS IN ACCORDANCE WITH THE TERMS OF THE REGULATORY AGREE-
 MENT.
   6. AT THE DISCRETION OF THE AGENCY, A MORTGAGE SECURING  A  LOAN  MADE
 PURSUANT TO THIS SECTION MAY BE EXEMPT FROM THE TAX ON MORTGAGES IMPOSED
 BY  ARTICLE  ELEVEN  OF  THE TAX LAW AND THE TAX ON MORTGAGES IMPOSED BY
 CHAPTER TWENTY-SIX OF TITLE ELEVEN OF THE  ADMINISTRATIVE  CODE  OF  THE
 CITY OF NEW YORK.
   7. AT THE DISCRETION OF THE AGENCY, ANY TRANSFER OF REAL PROPERTY MADE
 IN  CONNECTION WITH A LOAN OR GRANT MADE PURSUANT TO THIS SECTION MAY BE
 EXEMPT FROM THE REAL ESTATE TRANSFER TAX IMPOSED BY  ARTICLE  THIRTY-ONE
 OF  THE  TAX  LAW  AND THE REAL PROPERTY TRANSFER TAX IMPOSED BY CHAPTER
 TWENTY-ONE OF TITLE ELEVEN OF THE ADMINISTRATIVE CODE OF THE CITY OF NEW
 YORK.
   8. THE AGENCY MAY MAKE PROVISION, EITHER IN THE MORTGAGE OR  BY  SEPA-
 RATE  AGREEMENT,  FOR  THE PERFORMANCE OF SUCH LOAN SERVICING FUNCTIONS,
 INCLUDING FUNCTIONS RELATED TO CONSTRUCTION LENDING, AS MAY GENERALLY BE
 PERFORMED BY AN INSTITUTIONAL LENDER. THE AGENCY MAY ACT IN SUCH CAPACI-
 TY OR APPOINT OR CONSENT TO THE APPOINTMENT OF A  FINANCIAL  INSTITUTION
 TO  ACT  IN SUCH CAPACITY ON BEHALF OF THE AGENCY. THE AGENCY IS AUTHOR-

 S. 7782                             4
 
 IZED TO PAY A REASONABLE AND CUSTOMARY FEE TO SUCH FINANCIAL INSTITUTION
 FOR THE PERFORMANCE OF SUCH SERVICES.
   § 1284. RENTS. NOTWITHSTANDING THE PROVISIONS OF RENT STABILIZATION OR
 THE LOCAL EMERGENCY HOUSING RENT CONTROL ACT, OR ANY REGULATION OR LOCAL
 LAW ENACTED PURSUANT THERETO:
   1.  THE  REGULATORY  AGREEMENT SHALL PROVIDE THAT ALL HOUSING ACCOMMO-
 DATIONS REQUIRED TO BE OCCUPIED BY FAMILIES AND PERSONS  OF  LOW  INCOME
 SHALL  BE  SUBJECT TO RENT STABILIZATION AS OF THE EFFECTIVE DATE OF THE
 REGULATORY AGREEMENT; PROVIDED, HOWEVER, THAT THE AGENCY MAY EXEMPT FROM
 THE REQUIREMENTS OF THIS SECTION ANY HOUSING  ACCOMMODATIONS  THAT  ARE:
 (A)  LOCATED  IN A STRUCTURE CONTAINING FEWER THAN SIX DWELLING UNITS OR
 ROOMING UNITS; (B) TO BE OCCUPIED ON A TRANSITIONAL BASIS BY PERSONS WHO
 ARE FORMERLY HOMELESS OR HAVE SPECIAL NEEDS;  (C)  SUBJECT  TO  ANY  LAW
 PROVIDING  FOR  THE  REGULATION  OF  RENTS  BY  A GOVERNMENTAL AGENCY OR
 INSTRUMENTALITY; OR (D) TO BE OCCUPIED  AS  HOMEOWNERSHIP,  RATHER  THAN
 RENTAL, HOUSING ACCOMMODATIONS.
   2. EXCEPT AS OTHERWISE PROVIDED IN SUBDIVISION ONE OF THIS SECTION, IF
 ANY  HOUSING  ACCOMMODATIONS  REQUIRED  TO  BE  OCCUPIED BY FAMILIES AND
 PERSONS OF LOW INCOME ARE NOT SUBJECT TO RENT STABILIZATION  AS  OF  THE
 EFFECTIVE  DATE  OF THE REGULATORY AGREEMENT, THE AGENCY SHALL ESTABLISH
 THE INITIAL RENTS FOR SUCH HOUSING ACCOMMODATIONS AS OF SUCH DATE.
   3. UPON COMPLETION OF THE CONSTRUCTION OR REHABILITATION OF A  HOUSING
 ACCOMMODATION WHICH IS ASSISTED BY A LOAN OR GRANT MADE BY A CITY PURSU-
 ANT  TO  SECTION TWELVE HUNDRED EIGHTY-THREE OF THIS ARTICLE, THE AGENCY
 MAY ESTABLISH A NEW INITIAL RENT FOR EACH DWELLING UNIT SUBJECT TO  RENT
 STABILIZATION  WITHIN  THE HOUSING ACCOMMODATION PURSUANT TO SUBDIVISION
 ONE OF THIS SECTION OR OTHERWISE. PRIOR TO THE  MAKING  OF  A  REHABILI-
 TATION  LOAN  OR  GRANT PURSUANT TO THIS ARTICLE, THE AGENCY SHALL CAUSE
 EACH TENANT IN OCCUPANCY OF A DWELLING UNIT FOR WHICH THE AGENCY INTENDS
 TO ESTABLISH A NEW INITIAL RENT TO BE NOTIFIED OF AND HAVE  AN  OPPORTU-
 NITY  TO  COMMENT  ON THE CONTEMPLATED REHABILITATION. SUCH NOTIFICATION
 SHALL ADVISE SUCH TENANTS OF THE APPROXIMATE EXPECTED INITIAL RENT. SUCH
 NOTIFICATION AND OPPORTUNITY TO COMMENT SHALL  BE  PROVIDED  BEFORE  THE
 REHABILITATION AND AGAIN AFTER THE REHABILITATION IS COMPLETED AND PRIOR
 TO  THE  ESTABLISHMENT OF THE NEW INITIAL RENTS. A REPRESENTATIVE OF THE
 AGENCY SHALL MEET OR OFFER TO MEET WITH  ALL  TENANTS  IN  OCCUPANCY  OF
 DWELLING  UNITS  AFFECTED BY THE PROVISIONS OF THIS SUBDIVISION AT LEAST
 ONCE BEFORE THE REHABILITATION.
   § 1285. RULES; ENFORCEMENT. 1. THE  AGENCY  MAY  PROMULGATE  RULES  TO
 CARRY  OUT  THE PROVISIONS OF THIS ARTICLE, AND MAY REQUIRE A FILING FEE
 IN AN AMOUNT EQUAL TO ONE THOUSAND DOLLARS PER DWELLING  UNIT,  OR  SUCH
 LESSER  AMOUNT  AS MAY BE PROVIDED BY SUCH RULES, IN CONNECTION WITH ANY
 APPLICATION FOR A LOAN OR GRANT PURSUANT TO THIS ARTICLE.
   2. THE AGENCY SHALL HAVE THE  POWER  TO:  (A)  SUBPOENA,  REQUIRE  THE
 ATTENDANCE  OF AND EXAMINE AND TAKE TESTIMONY UNDER OATH OF SUCH PERSONS
 AS IT MAY DEEM NECESSARY IN ORDER TO MONITOR AND ENFORCE COMPLIANCE WITH
 THE REGULATORY AGREEMENT; AND (B) SUBPOENA AND REQUIRE THE PRODUCTION OF
 BOOKS, ACCOUNTS, PAPERS, DOCUMENTS AND OTHER EVIDENCE  RELATED  TO  SUCH
 MONITORING AND ENFORCEMENT.
   §  1286.  SEVERABILITY. IF ANY CLAUSE, SENTENCE, PARAGRAPH, SECTION OR
 PART OF THIS ARTICLE SHALL BE ADJUDGED BY ANY COURT OF COMPETENT  JURIS-
 DICTION TO BE INVALID, SUCH JUDGMENT SHALL NOT AFFECT, IMPAIR OR INVALI-
 DATE  THE  REMAINDER  THEREOF, BUT SHALL BE CONFINED IN ITS OPERATION TO
 THE CLAUSE,  SENTENCE,  PARAGRAPH,  SECTION  OR  PART  THEREOF  DIRECTLY
 INVOLVED  IN  THE  CONTROVERSY  IN  WHICH  SUCH JUDGMENT SHALL HAVE BEEN
 RENDERED.

 S. 7782                             5
 
   § 1287. REPORTING. ON OR BEFORE  SEPTEMBER  THIRTIETH  OF  EACH  YEAR,
 BEGINNING  IN  TWO  THOUSAND TWENTY, THE AGENCY SHALL SUBMIT A REPORT TO
 THE TEMPORARY PRESIDENT OF THE SENATE AND THE SPEAKER OF THE ASSEMBLY ON
 THE HOUSING PRODUCTION ACTIVITY OF THE AFFORDABILITY  PLUS  PROGRAM  FOR
 THE PREVIOUS CITY FISCAL YEAR.
   §  2.  Subdivision  a  of  section  11.00  of the local finance law is
 amended by adding a new paragraph 41-f to read as follows:
   41-F. AFFORDABILITY PLUS PROGRAM.  THE  MAKING  OF  LOANS  OR  GRANTS,
 PURSUANT TO ARTICLE THIRTY-ONE OF THE PRIVATE HOUSING FINANCE LAW, THIR-
 TY YEARS; IMPROVEMENTS ASSOCIATED WITH THE CONSTRUCTION, REHABILITATION,
 CONVERSION, ACQUISITION OR REFINANCING OF HOUSING ACCOMMODATIONS, PURSU-
 ANT  TO  ARTICLE  THIRTY-ONE  OF THE PRIVATE HOUSING FINANCE LAW, THIRTY
 YEARS.
   § 3. This act shall take effect immediately.

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Senate Bill S7782

Sponsored By

Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee

2019-S7782 (ACTIVE) - Details

2019-S7782 (ACTIVE) - Summary

2019-S7782 (ACTIVE) - Sponsor Memo

2019-S7782 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S7782

Share this bill

Sponsored By

Brian Kavanagh

Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee

2019-S7782 (ACTIVE) - Details

2019-S7782 (ACTIVE) - Summary

2019-S7782 (ACTIVE) - Sponsor Memo

2019-S7782 (ACTIVE) - Bill Text download pdf

Comments