Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to housing, construction and community development |
Mar 27, 2009 |
referred to housing, construction and community development |
Senate Bill S3688
2009-2010 Legislative Session
Sponsored By
(D, WF) Senate District
Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee
- 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
2009-S3688 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A2933
- Current Committee:
- Senate Housing, Construction And Community Development
- Law Section:
- Private Housing Finance Law
- Laws Affected:
- Amd §28, add §35-a, Priv Hous Fin L
- Versions Introduced in Other Legislative Sessions:
-
2011-2012:
S1005, A2595
2013-2014: S137
2009-S3688 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3688 TITLE OF BILL : An act to amend the private housing finance law, in relation to limited-profit housing companies in a city with a population of one million or more PURPOSE OR GENERAL IDEA OF BILL : The purpose of this bill is to encourage housing companies to remain in the Mitchell-Lama housing program and protect those tenants in post -197 4 Mitchell-Lama developments under rent stabilization if an owner buys-out of the program. SUMMARY OF SPECIFIC PROVISIONS : This bill would: - authorize municipally-aided Mitchell-Lama developments to pay dividends in excess of 6% with the approval of the Department of Housing Preservation and Development (HPD); - authorize such developments to annually increase rents at a rate established by the New York City Rent Guidelines Board; and prohibit companies with a mortgage loan insured or held by the federal government from taking advantage of the above incentives. This bill would also: - provide that tenants in post-l 974 Mitchell-Lama rental developments that voluntarily dissolve would be covered under rent stabilization; - provide that the initial legal regulated rent for units in post-1974 buildings following the dissolution date would be the last regulated
2009-S3688 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3688 2009-2010 Regular Sessions I N S E N A T E March 27, 2009 ___________ Introduced by Sen. SAMPSON -- 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 limit- ed-profit housing companies in a city with a population of one million or more THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 28 of the private housing finance law is amended by adding a new subdivision 4 to read as follows: 4. (A) NOTWITHSTANDING ANY INCONSISTENT PROVISION OF THIS ARTICLE OR OF ANY OTHER PROVISION OF GENERAL, SPECIAL OR LOCAL LAW, A COMPANY (OTHER THAN A MUTUAL COMPANY) THAT OPERATES A MUNICIPALLY-AIDED PROJECT IN A CITY WITH A POPULATION OF ONE MILLION OR MORE AND THAT IS OTHERWISE AUTHORIZED TO PAY DIVIDENDS UPON ITS SHARES OR INTEREST UPON ITS INCOME DEBENTURES MAY, WITH THE APPROVAL OF THE SUPERVISING AGENCY, PAY SUCH DIVIDENDS OR INTEREST IN EXCESS OF SIX PERCENT PER ANNUM. (B) ON AND AFTER THE DATE OF THE APPROVAL OF SUCH EXCESS DIVIDEND OR INTEREST BY THE SUPERVISING AGENCY PURSUANT TO PARAGRAPH (A) OF THIS SUBDIVISION, THE PROVISIONS OF SECTION THIRTY-ONE OF THIS ARTICLE RELAT- ING TO THE VARIATION OF RENTAL RATES OF DWELLING UNITS IN SUCH MUNICI- PALLY-AIDED PROJECT SHALL NOT APPLY AND RENTAL RATES OF DWELLING UNITS MAY BE INCREASED ANNUALLY BY SUCH COMPANY, WITHOUT PUBLIC HEARING OR FURTHER APPROVAL BY THE SUPERVISING AGENCY, IN THE AMOUNT AUTHORIZED BY THE RENT GUIDELINES BOARD ESTABLISHED PURSUANT TO THE RENT STABILIZATION LAW OF NINETEEN HUNDRED SIXTY-NINE FOR RENT STABILIZED DWELLING UNITS. (C) THIS SUBDIVISION SHALL NOT APPLY TO A COMPANY WITH A MORTGAGE LOAN INSURED OR HELD BY THE FEDERAL GOVERNMENT. S 2. The private housing finance law is amended by adding a new section 35-a to read as follows: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05737-01-9
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.