Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 18, 2011 |
referred to housing, construction and community development |
Senate Bill S2067
2011-2012 Legislative Session
Sponsored By
(D) 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
2011-S2067 (ACTIVE) - Details
- Current Committee:
- Senate Housing, Construction And Community Development
- Law Section:
- Private Housing Finance Law
- Laws Affected:
- Amd ยง28, Priv Hous Fin L
- Versions Introduced in 2009-2010 Legislative Session:
-
S897
2011-S2067 (ACTIVE) - Summary
Provides that a sinking fund for a limited-profit housing company (Mitchell-Lama) for the retirement of stocks and debentures shall be authorized only when the earnings of such housing company exceed six percent; provides that deposits in such sinking fund shall not be a factor in the determination of rents.
2011-S2067 (ACTIVE) - Sponsor Memo
BILL NUMBER:S2067 TITLE OF BILL: An act to amend the private housing finance law, in relation to the reserves for the retirement of stocks and debentures SUMMARY OF PROVISIONS: This bill requires a sinking fund to be authorized only when the earnings of a housing company exceed six percent. In addition, any deposits to the sinking fund shall not be a factor in the determination of rents and not to be considered, therefore, an operating expense. JUSTIFICATION: The current practice of housing companies allows sinking funds to be factored into rent increases because the funds are considered to be an operating expense. This places an onerous burden On the tenants of limited-profit housing company developments. Since the sinking fund deposits are not true operating expenses, they should not be factored into the determination of rents. FISCAL IMPLICATIONS: None.
2011-S2067 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2067 2011-2012 Regular Sessions I N S E N A T E January 18, 2011 ___________ Introduced by Sen. KRUGER -- 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 reserves for the retirement of stocks and debentures THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 1 of section 28 of the private housing finance law, as amended by chapter 628 of the laws of 1962, is amended to read as follows: 1. There shall be paid annually out of the earnings of the company, after providing for all taxes, assessments and expenses, a sum for interest on and amortization of the mortgage indebtedness of all mort- gages of the company, depreciation charges and reserves if, when and to the extent deemed necessary by the commissioner or the supervising agen- cy, as the case may be, plus a dividend of six per centum on outstanding stock and interest not exceeding six per centum on the outstanding income debentures of the company; the obligation in respect of such payments shall be cumulative, and any deficiency in interest, amorti- zation, depreciation, reserves, if any, and dividends in any year shall be paid either from any cash surplus derived from earnings remaining in the treasury of the company in excess of the amount necessary to provide such cumulative annual sums or from the first available earnings in subsequent years. If, at the end of any three year period, the gross receipts should exceed the payments or charges necessary for the purposes of the project or projects and are not needed for a sinking fund, reserves or other purposes, the balance may be paid in further reduction of any indebtedness to the extent and upon terms and condi- tions approved by the commissioner and the state comptroller or by the supervising agency, as the case may be. A sinking fund may be author- ized by the commissioner or the supervising agency, to purchase and EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07081-01-1
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