Senate Bill S1462

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1462
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             January 10, 2025
                                ___________
 
 Introduced  by Sen. KAVANAGH -- read twice and ordered printed, and when
   printed to be committed to the Committee on Corporations,  Authorities
   and Commissions
 
 AN  ACT to amend the public authorities law, in relation to establishing
   ground rent rebates for eligible homeowners and renters in the Battery
   Park project area

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Section 1974-b of the public authorities law is amended by
 adding a new subdivision 3 to read as follows:
   3. (A) FOR PURPOSES OF  THIS  SUBDIVISION:  (I)  "ELIGIBLE  HOMEOWNER"
 SHALL  MEAN  AN OWNER OF A RESIDENCE LOCATED IN THE BATTERY PARK PROJECT
 AREA WHO OCCUPIES SUCH RESIDENCE AS THE  HOMEOWNER'S  PRIMARY  RESIDENCE
 AND  WHOSE  ANNUAL  HOUSEHOLD  INCOME  DOES NOT EXCEED ONE HUNDRED FIFTY
 PERCENT OF THE AREA MEDIAN INCOME DEFINED AND CALCULATED BY  THE  UNITED
 STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT FOR THE NEW YORK CITY
 REGION, ADJUSTED FOR HOUSEHOLD SIZE; (II) "ELIGIBLE RENTER" SHALL MEAN A
 PERSON  WHOSE  PRIMARY  RESIDENCE IS LOCATED IN THE BATTERY PARK PROJECT
 AREA AND IS DESIGNATED A QUASI-RENT STABILIZED UNIT OR HAS  RESTRICTIONS
 ON  ANNUAL RENT INCREASES PURSUANT TO A REGULATORY AGREEMENT BETWEEN THE
 AUTHORITY AND THE LANDLORD, AND WHOSE ANNUAL HOUSEHOLD INCOME  DOES  NOT
 EXCEED  ONE  HUNDRED FIFTY PERCENT OF THE AREA MEDIAN INCOME DEFINED AND
 CALCULATED BY THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOP-
 MENT FOR THE NEW YORK CITY REGION; (III) "REBATE BASE YEAR"  SHALL  MEAN
 THE  YEAR  TWO THOUSAND TWENTY-FOUR FOR ANY HOMEOWNER WHO IS AN ELIGIBLE
 HOMEOWNER OR ANY RENTER WHO IS AN ELIGIBLE RENTER BASED UPON THEIR ANNU-
 AL HOUSEHOLD INCOME FOR THE YEAR TWO THOUSAND TWENTY-FIVE, OR  THE  YEAR
 PRECEDING  THE YEAR IN WHICH A HOMEOWNER FIRST BECOMES AN ELIGIBLE HOME-
 OWNER OR A RENTER FIRST BECOMES AN  ELIGIBLE  RENTER;  IN  THE  EVENT  A
 PREVIOUSLY  ELIGIBLE  HOMEOWNER  OR A PREVIOUSLY ELIGIBLE RENTER BECOMES
 INELIGIBLE BECAUSE THE HOMEOWNER'S OR RENTER'S HOUSEHOLD INCOME  EXCEEDS
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04155-01-5
              

 S. 1462                             2
 
 ONE  HUNDRED FIFTY PERCENT OF THE AREA MEDIAN INCOME FOR TWO CONSECUTIVE
 YEARS, THE REBATE BASE YEAR SHALL BE RESET TO BE THE YEAR PRECEDING  ANY
 SUBSEQUENT YEAR IN WHICH THE HOMEOWNER OR RENTER AGAIN BECOMES ELIGIBLE;
 (IV)  "HOMEOWNER'S  GROUND RENT" SHALL MEAN THE PORTION OF A HOMEOWNER'S
 BUILDING'S GROUND RENT ATTRIBUTABLE TO THE HOMEOWNER'S OCCUPANCY OF  THE
 HOMEOWNER'S PRIMARY RESIDENCE AND PAID BY THE HOMEOWNER TO THE AUTHORITY
 UNDER  THE BUILDING'S RESIDENTIAL SUBLEASE TO THE LEASE BETWEEN THE CITY
 OF NEW YORK AND THE  AUTHORITY,  DATED  NOVEMBER  TWENTY-FOUR,  NINETEEN
 HUNDRED  SIXTY-NINE  AND  RECORDED DECEMBER TWENTY-SIX, NINETEEN HUNDRED
 SIXTY-NINE ON PAGE ONE OF REEL ONE HUNDRED SIXTY-ONE, AND ANY SUBSEQUENT
 AMENDMENTS; AND (V) "RENTER'S GROUND RENT" SHALL MEAN THE PORTION  OF  A
 RENTER'S  RENT  PAYMENT  ATTRIBUTABLE  TO  THE  GROUND RENT BASED ON THE
 RENTER'S OCCUPANCY OF THEIR PRIMARY RESIDENCE AND PAID BY  THE  LANDLORD
 TO  THE AUTHORITY UNDER THE BUILDING'S RESIDENTIAL SUBLEASE TO THE LEASE
 BETWEEN THE CITY OF NEW YORK AND THE AUTHORITY, DATED  NOVEMBER  TWENTY-
 FOUR,  NINETEEN  HUNDRED  SIXTY-NINE  AND  RECORDED DECEMBER TWENTY-SIX,
 NINETEEN HUNDRED SIXTY-NINE ON PAGE ONE OF REEL ONE  HUNDRED  SIXTY-ONE,
 AND ANY SUBSEQUENT AMENDMENTS.
   (B) NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY, THE AUTHORI-
 TY  SHALL  OFFER TO EACH ELIGIBLE HOMEOWNER AND ELIGIBLE RENTER A REBATE
 OF THE PORTION OF SUCH HOMEOWNER'S OR RENTER'S GROUND RENT EQUAL TO  THE
 DIFFERENCE  BETWEEN  THE  AMOUNT  OF SUCH HOMEOWNER'S OR RENTER'S GROUND
 RENT DUE IN THE REBATE BASE YEAR AND THE AMOUNT OF  THE  HOMEOWNER'S  OR
 RENTER'S  GROUND  RENT  DUE  AND PAID IN THE YEAR FOR WHICH THE ELIGIBLE
 HOMEOWNER OR ELIGIBLE RENTER APPLIES FOR THE REBATE.  IF  THE  AUTHORITY
 DETERMINES  A HOMEOWNER TO BE AN ELIGIBLE HOMEOWNER OR A RENTER TO BE AN
 ELIGIBLE RENTER FOR A GIVEN YEAR, THE AUTHORITY SHALL PERMIT SUCH ELIGI-
 BLE HOMEOWNER OR ELIGIBLE RENTER TO CERTIFY THAT THEY EXPECT TO MEET THE
 ELIGIBILITY CRITERIA IN THE NEXT SUCCEEDING YEAR;  UPON  REVIEWING  SUCH
 CERTIFICATION  AND FINDING THAT SUCH HOMEOWNER OR RENTER IS LIKELY TO BE
 AN ELIGIBLE HOMEOWNER OR ELIGIBLE RENTER IN SUCH NEXT  SUCCEEDING  YEAR,
 THE  AUTHORITY  SHALL,  TO  THE EXTENT PRACTICABLE, OFFER A PROPORTIONAL
 SHARE OF THE EXPECTED ANNUAL REBATE IN THE FORM OF A PERIODIC REBATE  OR
 DISCOUNT  DURING  THE YEAR FOR WHICH THE HOMEOWNER OR RENTER IS EXPECTED
 TO BE ELIGIBLE.
   (C) WITHIN ONE HUNDRED EIGHTY DAYS  OF  THE  EFFECTIVE  DATE  OF  THIS
 SUBDIVISION,  THE AUTHORITY SHALL PROMULGATE PROCEDURES FOR APPLYING FOR
 SUCH REBATE, AND SET STANDARDS FOR REVIEWING  APPLICATIONS  AND  CERTIF-
 ICATIONS,  ASSESSING THE ACCURACY OF ANY INFORMATION NECESSARY TO DETER-
 MINE ELIGIBILITY, AND MAKING PAYMENTS TO APPLICANTS FOUND TO BE ELIGIBLE
 AND THOSE EXPECTED TO BE ELIGIBLE IN THE NEXT SUCCEEDING YEAR.
   § 2. This act shall take effect immediately.