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Assembly Bill A8588

2025-2026 Legislative Session

Relates to the powers of the New York state division of housing and community renewal and supervising agencies and the obligations of certain New York state funded housing providers

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Current Bill Status - In Assembly Committee

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2025-A8588 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §§22-a & 82-a, Priv Hous Fin L

2025-A8588 (ACTIVE) - Summary

Expands the powers of the New York state division of housing and community renewal and supervising agencies and modifies the obligations of certain New York state funded housing providers.

2025-A8588 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8588
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 21, 2025
                                ___________
 
 Introduced  by  M.  of  A.  DE LOS SANTOS -- (at request of the New York
   State Homes and Community Renewal) -- read once and  referred  to  the
   Committee on Housing
 
 AN  ACT  to  amend  the  private housing finance law, in relation to the
   powers of the New York state division of housing and community renewal
   and supervising agencies and the obligations of certain New York state
   funded housing providers
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section 22-a of the private housing finance law, as added
 by chapter 208 of the laws of 2008, is amended to read as follows:
   § 22-a. Redevelopment loans. Notwithstanding  any  provision  of  this
 article to the contrary, where a state-aided project undergoes a compre-
 hensive redevelopment plan, WHICH MAY INCLUDE ENERGY EFFICIENCY UPGRADES
 OR  TECHNOLOGY  INTENDED TO REDUCE GREENHOUSE GAS EMISSIONS, the commis-
 sioner may approve a loan and encumbrance of such project in  an  amount
 in  excess  of actual project cost within the meaning of section twenty-
 one of this article, provided that such amount represents  THE  cost  of
 capital improvements, redevelopment or acquisition [by a new owner], any
 consequent  rent  increase  is not unduly burdensome to the tenants, and
 the company enters into an agreement to remain subject to the provisions
 of this article for a period of no less  than  an  additional  [fifteen]
 THIRTY  years  from  issuance  of  the  loan and encumbrance.   PROVIDED
 FURTHER THAT THE COMMISSIONER SHALL NOT PROVIDE FOR AN ADDITIONAL RETURN
 ON EQUITY THAT EXCEEDS MORE THAN TEN PERCENT OVER THE COST OF THE  CAPI-
 TAL IMPROVEMENT OR REDEVELOPMENT OF THE PROJECT.
   §  2.  Section  82-a  of  the private housing finance law, as added by
 chapter 208 of the laws of 2008, is amended to read as follows:
   § 82-a. Redevelopment loans. Notwithstanding any provision of  section
 eighty-one  or eighty-two of this article to the contrary, where a hous-
 ing company undergoes a  comprehensive  redevelopment  plan,  WHICH  MAY
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10189-02-5

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