Senate Bill S6781

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6781
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                              March 24, 2025
                                ___________
 
 Introduced  by  Sen. JACKSON -- 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 the
   payment of arrears for certain taxes and placing limitations on  hous-
   ing development fund company regulatory agreements
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (b) of subdivision 1 and subparagraphs 1 and 9 of
 paragraph (b) of subdivision 2 of section 577-b of the  private  housing
 finance law, paragraph (b) of subdivision 1 as amended by chapter 225 of
 the  laws of 2004 and subparagraphs 1 and 9 of paragraph (b) of subdivi-
 sion 2 as added by chapter 315 of the laws  of  2002,  are  amended  and
 paragraph  (b)  of subdivision 2 is amended by adding a new subparagraph
 4-a to read as follows:
   (b) [on January first, two thousand two, had] HAS outstanding  munici-
 pal  real  estate  taxes  relating to any PRIOR period [prior to January
 first, two thousand one].
   (1) a term of [thirty] FORTY years;
   (4-A) THAT  SUSPENDED  ARREARS  SHALL  BE  SUBORDINATED  TO  ANY  LOAN
 OBTAINED  BY  THE  HOUSING  DEVELOPMENT  FUND  CORPORATION FOR ALLOWABLE
 PURPOSES;
   (9) that the company shall be required to increase maintenance charges
 BY A MINIMUM OF TWO PERCENT PER YEAR or  impose  assessments  to  insure
 that the company can provide for its obligations.
   §  2.  Section  576  of  the private housing finance law is amended by
 adding a new subdivision 4 to read as follows:
   4. NOTWITHSTANDING ANY PROVISION OF LAW, RULE  OR  REGULATION  TO  THE
 CONTRARY, A REGULATORY AGREEMENT PURSUANT TO THIS SECTION SHALL NOT:
   A. INCLUDE A REQUIREMENT FOR A MONITOR APPROVED BY THE COMMISSIONER OR
 SUPERVISING AGENCY, AS THE CASE MAY BE;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11249-01-5
              

 S. 6781                             2
 
   B.  PLACE ANY LIMITATIONS THAT WOULD RESTRICT THE ABILITY OF A HOUSING
 DEVELOPMENT FUND COMPANY  TO  OBTAIN  A  MORTGAGE  OR  COMPLY  WITH  THE
 PROVISIONS OF THIS CHAPTER, INCLUDING BUT NOT LIMITED TO, IMPOSING SALES
 CAPS  ON  THE  SALE  OF DWELLING UNITS WITHIN A HOUSING DEVELOPMENT FUND
 COMPANY PROJECT;
   C.  REQUIRE  A  HOUSING  DEVELOPMENT FUND COMPANY TO HIRE A MANAGEMENT
 COMPANY FROM A LIST OF COMPANIES APPROVED BY THE COMMISSIONER OR  SUPER-
 VISING AGENCY, AS THE CASE MAY BE;
   D.  WHERE A SHAREHOLDER OF A HOUSING DEVELOPMENT FUND COMPANY INHERITS
 RESIDENTIAL PROPERTY WITHIN ONE HUNDRED MILES OF THE MUNICIPALITY  WHERE
 THE  HOUSING  DEVELOPMENT FUND COMPANY PROJECT, REQUIRE SUCH SHAREHOLDER
 TO EITHER VACATE THEIR DWELLING UNIT IN  THE  HOUSING  DEVELOPMENT  FUND
 COMPANY PROJECT OR SELL SUCH INHERITED PROPERTY;
   E.  LIMIT  THE  ASSETS  OF A SHAREHOLDER OF A HOUSING DEVELOPMENT FUND
 COMPANY TO ONE HUNDRED SEVENTY-FIVE PERCENT OR LESS OF THE  AREA  MEDIAN
 INCOME FOR A FAMILY OF FOUR FOR THE COUNTY IN WHICH A PROJECT IS LOCATED
 AS  CALCULATED  BY  THE  UNITED  STATES  DEPARTMENT OF HOUSING AND URBAN
 DEVELOPMENT;
   F. REQUIRE A SHAREHOLDER TO DEMONSTRATE THEY  RESIDE  IN  THE  HOUSING
 DEVELOPMENT  FUND  COMPANY  PROJECT  DWELLING UNIT MORE THAN ONE HUNDRED
 EIGHTY-THREE DAYS A YEAR; OR
   G. REQUIRE THE SALE OF A DWELLING UNIT IN A HOUSING  DEVELOPMENT  FUND
 COMPANY  PROJECT  TO  BE  ADMINISTERED  THROUGH  A HOUSING PORTAL OF THE
 COMMISSIONER OR SUPERVISING AGENCY, AS THE CASE MAY BE.
   § 3. This act shall take effect immediately.