S T A T E O F N E W Y O R K
________________________________________________________________________
1414
2025-2026 Regular Sessions
I N A S S E M B L Y
January 9, 2025
___________
Introduced by M. of A. DINOWITZ -- read once and referred to the Commit-
tee on Housing
AN ACT to amend the private housing finance law, in relation to adjusted
rents under the participation loan program
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 804 of the private housing finance law, as amended
by chapter 456 of the laws of 2003, is amended to read as follows:
§ 804. Rentals. [Notwithstanding the provisions of, or any regulation
promulgated pursuant to, the emergency housing rent control law, the
local emergency housing rent control act or local law enacted pursuant
thereto, upon] UPON completion of the rehabilitation of an existing
multiple dwelling, the construction of a new multiple dwelling or the
conversion of non-residential property into a multiple dwelling aided by
a participation loan made pursuant to this article, the agency shall
establish the initial rent for each dwelling unit within the rehabili-
tated, newly constructed or converted multiple dwelling; PROVIDED THAT
UPON THE REHABILITATION OF AN EXISTING MULTIPLE DWELLING WHICH WAS
SUBJECT TO THE PROVISIONS OF, OR ANY REGULATION PROMULGATED PURSUANT TO,
THE EMERGENCY HOUSING RENT CONTROL LAW, THE LOCAL EMERGENCY HOUSING RENT
CONTROL ACT, THE RENT STABILIZATION LAW OF NINETEEN HUNDRED SIXTY-NINE
OR ANY LOCAL LAW ENACTED PURSUANT THERETO, THE ADJUSTED RENT SHALL BE
ESTABLISHED PURSUANT TO SUCH PROVISIONS. Where the city of New York or
the New York city housing development corporation has participated or
invested in a loan pursuant to this article, all dwelling units within
the multiple dwelling subsequent to the establishment of initial rents
by the agency shall be subject to the rent stabilization law of nineteen
hundred sixty-nine provided, that the occupant in possession of a dwell-
ing unit when the multiple dwelling is made subject to the rent stabili-
zation law of nineteen hundred sixty-nine shall be offered a two year
lease notwithstanding any contrary provisions of, or regulations adopted
pursuant to, the rent stabilization law of nineteen hundred sixty-nine
at such initial rent set for such dwelling unit by the agency.
§ 2. This act shall take effect immediately.
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