Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 14, 2025 |
advanced to third reading |
May 13, 2025 |
2nd report cal. |
May 12, 2025 |
1st report cal.981 |
Mar 07, 2025 |
referred to housing, construction and community development |
Senate Bill S6263
2025-2026 Legislative Session
Sponsored By
(R, C) 53rd Senate District
Current Bill Status - On Floor Calendar
- 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
Actions
Votes
2025-S6263 (ACTIVE) - Details
2025-S6263 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6263 SPONSOR: GRIFFO TITLE OF BILL: 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 PURPOSE: Requires out-of-state affordable housing owners to maintain an escrow account for the purpose of financing utility costs and property tax obligations for affordable housing rental units located in New York state. SUMMARY OF PROVISIONS: Creates Section 615 in the private housing finance law. Section 1: defines terms covered in the bill.
2025-S6263 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6263 2025-2026 Regular Sessions I N S E N A T E March 7, 2025 ___________ 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 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: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04486-01-5 S. 6263 2
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