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Senate Bill S8828A

2023-2024 Legislative Session

Requires out-of-state affordable housing owners to maintain an escrow account for affordable housing rental units located in New York state

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Archive: Last Bill Status - In Senate Committee Rules Committee

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Bill Amendments

2023-S8828 - Details

See Assembly Version of this Bill:
A9628
Current Committee:
Senate Rules
Law Section:
Private Housing Finance Law
Laws Affected:
Add §615, Priv Hous Fin L
Versions Introduced in 2025-2026 Legislative Session:
S6263, A1791

2023-S8828 - Summary

Requires out-of-state affordable housing owners to maintain an escrow account for the purpose of financing utility costs, property tax obligations, fire services, and regular maintenance costs for affordable housing rental units located in New York state.

2023-S8828 - Sponsor Memo

2023-S8828 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8828
 
                             I N  S E N A T E
 
                              March 19, 2024
                                ___________
 
 Introduced  by  Sen.  GRIFFO -- 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 requir-
   ing certain out-of-state affordable  housing  owners  to  maintain  an
   escrow  account  for  the  purpose  of financing utility costs and tax
   obligations for affordable housing rental units located  in  New  York
   state
 
   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 615 to read as follows:
   §  615.  OUT-OF-STATE AFFORDABLE HOUSING OWNER ESCROW ACCOUNT. 1.  FOR
 THE PURPOSES OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOW-
 ING MEANINGS:
   (A) "HUD" SHALL MEAN THE  FEDERAL  DEPARTMENT  OF  HOUSING  AND  URBAN
 DEVELOPMENT.
   (B)  "OUT-OF-STATE  AFFORDABLE HOUSING OWNER" SHALL MEAN AN AFFORDABLE
 HOUSING DEVELOPMENT COMPANY THAT:
   (I) IS LOCATED OUTSIDE OF NEW YORK STATE;
   (II) OWNS TWENTY OR MORE AFFORDABLE HOUSING RENTAL  UNITS  LOCATED  IN
 NEW YORK STATE; AND
   (III)  RECEIVES FEDERAL FUNDING PURSUANT TO A HUD-ADMINISTERED PROGRAM
 OR INITIATIVE.
   2. (A) EVERY OUT-OF-STATE AFFORDABLE HOUSING OWNER SHALL  MAINTAIN  AN
 ESCROW  ACCOUNT FOR THE PURPOSE OF FINANCING UTILITY COSTS AND TAX OBLI-
 GATIONS FOR AFFORDABLE HOUSING RENTAL UNITS LOCATED IN NEW YORK STATE.
   (B) SUCH ESCROW ACCOUNT SHALL CONTAIN FIFTY PERCENT OF:
   (I) SUCH OWNER'S  PROPERTY  TAX  OBLIGATIONS  FOR  AFFORDABLE  HOUSING
 RENTAL UNITS LOCATED IN NEW YORK STATE FOR THE PRIOR TAX YEAR; AND
   (II)  UTILITY COSTS FOR AFFORDABLE HOUSING RENTAL UNITS LOCATED IN NEW
 YORK STATE FOR THE PREVIOUS TWELVE MONTHS.
   § 2. This act shall take effect on the sixtieth  day  after  it  shall
 have become a law.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

co-Sponsors

2023-S8828A (ACTIVE) - Details

See Assembly Version of this Bill:
A9628
Current Committee:
Senate Rules
Law Section:
Private Housing Finance Law
Laws Affected:
Add §615, Priv Hous Fin L
Versions Introduced in 2025-2026 Legislative Session:
S6263, A1791

2023-S8828A (ACTIVE) - Summary

Requires out-of-state affordable housing owners to maintain an escrow account for the purpose of financing utility costs, property tax obligations, fire services, and regular maintenance costs for affordable housing rental units located in New York state.

2023-S8828A (ACTIVE) - Sponsor Memo

2023-S8828A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8828--A
 
                             I N  S E N A T E
 
                              March 19, 2024
                                ___________
 
 Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Housing, Construction  and
   Community  Development  -- committee discharged, bill amended, ordered
   reprinted as amended and recommitted to said committee
 
 AN ACT to amend the private housing finance law, in relation to  requir-
   ing  certain  out-of-state  affordable  housing  owners to maintain an
   escrow account for affordable housing rental units located in New York
   state
 
   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 615 to read as follows:
   § 615. OUT-OF-STATE AFFORDABLE HOUSING OWNER ESCROW ACCOUNT. 1.    FOR
 THE PURPOSES OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOW-
 ING MEANINGS:
   (A)  "HUD"  SHALL  MEAN  THE  FEDERAL  DEPARTMENT OF HOUSING AND URBAN
 DEVELOPMENT.
   (B) "OUT-OF-STATE AFFORDABLE HOUSING OWNER" SHALL MEAN  AN  AFFORDABLE
 HOUSING DEVELOPMENT COMPANY THAT:
   (I) IS LOCATED OUTSIDE OF NEW YORK STATE;
   (II)  OWNS  TWENTY  OR MORE AFFORDABLE HOUSING RENTAL UNITS LOCATED IN
 NEW YORK STATE; AND
   (III) RECEIVES FEDERAL FUNDING PURSUANT TO A HUD-ADMINISTERED  PROGRAM
 OR INITIATIVE.
   2.  (A)  EVERY OUT-OF-STATE AFFORDABLE HOUSING OWNER SHALL MAINTAIN AN
 ESCROW ACCOUNT, HELD BY A BANK OR LICENSED LENDER,  AS  SUCH  TERMS  ARE
 DEFINED  BY SECTION TWO OF THE BANKING LAW, FOR THE PURPOSE OF FINANCING
 UTILITY COSTS, TAX OBLIGATIONS, FIRE SERVICES, AND  REGULAR  MAINTENANCE
 COSTS FOR AFFORDABLE HOUSING RENTAL UNITS LOCATED IN NEW YORK STATE.
   (B) SUCH ESCROW ACCOUNT SHALL CONTAIN:
   (I) FIFTY PERCENT OF SUCH OWNER'S PROPERTY TAX OBLIGATIONS FOR AFFORD-
 ABLE  HOUSING  RENTAL  UNITS LOCATED IN NEW YORK STATE FOR THE PRIOR TAX
 YEAR;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14921-04-4

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