S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6584
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 9, 2017
                                ___________
 
 Introduced  by  M.  of  A.  CYMBROWITZ  -- read once and referred to the
   Committee on Housing
 
 AN ACT to amend the private housing finance  law,  in  relation  to  the
   provision of rental assistance for low income elderly families, and to
   amend  the administrative code of the city of New York, in relation to
   imposing a tax on conveyances or transfers of residential real proper-
   ty whose consideration is greater than two million dollars
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.    Section  654-b  of  the  private housing finance law is
 amended by adding a new subdivision 9 to read as follows:
   9. THE SUBSIDIARY CORPORATION SHALL USE THE TAXES DESCRIBED IN  SUBDI-
 VISION  G  OF  SECTION 11-2102 OF THE ADMINISTRATIVE CODE OF THE CITY OF
 NEW YORK EXCLUSIVELY FOR THE PROVISION OF THE ELDERLY RENTAL  ASSISTANCE
 PROGRAM AS DESCRIBED IN ARTICLE SIXTEEN-B OF THIS CHAPTER.
   §  2. The private housing finance law is amended by adding a new arti-
 cle 16-B to read as follows:
                               ARTICLE 16-B
                      ELDER RENTAL ASSISTANCE PROGRAM
 SECTION 930. STATEMENT OF LEGISLATIVE FINDINGS AND PURPOSE.
         931. DEFINITIONS.
         932. ELDER RENTAL ASSISTANCE PROGRAM.
         933. GENERAL AND ADMINISTRATIVE PROVISIONS.
   § 930. STATEMENT OF LEGISLATIVE FINDINGS AND PURPOSE.  THE LEGISLATURE
 HEREBY FINDS THAT THE CITY OF NEW YORK IS EXPERIENCING AN EXTREME SHORT-
 AGE OF AFFORDABLE HOUSING THAT SERVES LOW INCOME  SENIOR  CITIZENS.  FOR
 HUNDREDS  OF THOUSANDS OF SENIOR CITIZENS LIVING ON PENSIONS, RETIREMENT
 SAVINGS AND OTHER FIXED INCOMES, THE RAPID RISE IN RENTS HAS  THREATENED
 THEIR  ABILITY  TO STAY IN THEIR HOMES AND NEIGHBORHOODS. MORE THAN HALF
 OF SENIORS SPEND MORE ON HOUSING THAN THEY CAN AFFORD AND MORE THAN  ONE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10552-01-7
              

 A. 6584                             2
 
 HUNDRED  THOUSAND  SENIORS  HAVE  WAITED  FOR  SEVEN YEARS OR MORE ON AN
 AFFORDABLE HOUSING WAITLIST.
   THE  LEGISLATURE FURTHER FINDS THAT CITYWIDE, ALMOST TWO-THIRDS OF ALL
 SENIOR RENTER HOUSEHOLDS ARE AMONG THE LOWEST INCOME HOUSEHOLDS  IN  THE
 CITY, EARNING LESS THAN FIFTY PERCENT OF AREA MEDIAN INCOME.  ACCORDING-
 LY,  THE  LEGISLATURE FINDS THAT LEGISLATION SHOULD BE ENACTED TO CREATE
 THE ELDER RENTAL ASSISTANCE PROGRAM, WHICH WILL PROVIDE  MONTHLY  FINAN-
 CIAL  ASSISTANCE TO RENT-BURDENED SENIORS SO THEY CAN LIVE IN DIGNITY IN
 THEIR OWN HOMES. THIS PROGRAM WILL BE FINANCED THROUGH A MARGINAL TAX ON
 REAL ESTATE TRANSACTIONS OVER TWO MILLION DOLLARS.
   § 931. DEFINITIONS. AS USED IN THIS ARTICLE:
   1. "ELDERLY FAMILY" SHALL MEAN A FAMILY, AS  DEFINED  IN  24  C.F.R  §
 5.403,  WHOSE  HEAD  (INCLUDING  CO-HEAD),  SPOUSE,  OR SOLE MEMBER IS A
 PERSON WHO IS AT LEAST SIXTY-TWO YEARS OF AGE. IT  MAY  INCLUDE  TWO  OR
 MORE PERSONS WHO ARE AT LEAST SIXTY-TWO YEARS OF AGE LIVING TOGETHER, OR
 ONE  OR MORE PERSONS WHO ARE AT LEAST SIXTY-TWO YEARS OF AGE LIVING WITH
 ONE OR MORE LIVE-IN AIDES, AS DEFINED IN 24 C.F.R  §  5.403,  AND  SHALL
 INCORPORATE ANY AMENDMENTS MADE TO THIS DEFINITION IN 24 C.F.R § 5.403.
   2.  "LOW  INCOME  FAMILIES" SHALL MEAN THOSE FAMILIES WHOSE INCOMES DO
 NOT EXCEED EIGHTY PER CENTUM OF THE  MEDIAN  INCOME  FOR  THE  NEW  YORK
 METROPOLITAN  STATISTICAL  AREA,  AS  DETERMINED BY THE SECRETARY OF THE
 FEDERAL DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WITH ADJUSTMENTS FOR
 SMALLER AND LARGER FAMILIES.
   § 932. ELDER RENTAL ASSISTANCE PROGRAM. 1. SUBJECT TO THE AVAILABILITY
 OF FUNDS GENERATED BY THE TAXES DESCRIBED IN SUBDIVISION  G  OF  SECTION
 11-2102  OF THE ADMINISTRATIVE CODE OF THE CITY OF NEW YORK, THE HOUSING
 ASSISTANCE CORPORATION, ESTABLISHED BY SECTION SIX HUNDRED  FIFTY-FOUR-B
 OF  THIS  CHAPTER,  SHALL  PROVIDE  RENTAL ASSISTANCE TO OR ON BEHALF OF
 LOW-INCOME FAMILIES WHOSE MEMBERS CONSTITUTE AN ELDERLY FAMILY, WHO  ARE
 RESIDENTS  OF THE CITY OF NEW YORK, AND WHO PAY MORE THAN THIRTY PERCENT
 OF THEIR MONTHLY ADJUSTED INCOME AS RENT AS CALCULATED  PURSUANT  TO  42
 U.S.C  §  1437A(A)(1)(A). THE AMOUNT OF RENTAL ASSISTANCE PROVIDED TO OR
 ON BEHALF OF EACH SUCH FAMILY PURSUANT TO THIS SUBDIVISION SHALL  BE  AN
 AMOUNT  UP  TO  THE  DIFFERENCE  BETWEEN  (I)  A RENT ESTABLISHED BY THE
 DEPARTMENT OF HOUSING PRESERVATION AND DEVELOPMENT ON  AN  ANNUAL  BASIS
 NOT  TO  EXCEED  THE  MAXIMUM  MONTHLY  RENT  PRESCRIBED  IN  42  U.S.C.
 §1437F(C)(1), OR SUCH LOWER RENT AS MAY BE REQUIRED BY  APPLICABLE  LAW,
 OR  AS  ORDERED  PURSUANT  TO SECTION FOUR HUNDRED SIXTY-SEVEN-B OR FOUR
 HUNDRED SIXTY-SEVEN-C OF THE REAL PROPERTY TAX LAW,  IF  APPLICABLE  AND
 (II)  THIRTY  PERCENT  OF  EACH SUCH FAMILY'S MONTHLY ADJUSTED INCOME AS
 CALCULATED PURSUANT TO 42 U.S.C. §1437A(A)(1)(A).
   2. TO THE EXTENT A PERSON OR ENTITY RECEIVES ANY SUCH  RENTAL  ASSIST-
 ANCE  ON  BEHALF  OF  A PARTICULAR ELDERLY FAMILY, SUCH PERSON OR ENTITY
 SHALL CREDIT SUCH ASSISTANCE AGAINST THE RENT OF SUCH FAMILY ON A MONTH-
 LY BASIS.
   3. THE RENTAL ASSISTANCE PROVIDED PURSUANT TO SUBDIVISION ONE OF  THIS
 SECTION SHALL CONTINUE UPON THE DEATH OR PERMANENT DEPARTURE OF A MEMBER
 OF  AN ELDERLY FAMILY WHO WAS AT LEAST SIXTY-TWO YEARS OF AGE, INCLUDING
 THE HEAD OF SUCH FAMILY  (INCLUDING  CO-HEAD)  OR  HIS  OR  HER  SPOUSE,
 PROVIDED  THAT SUCH ELDERLY FAMILY IS OTHERWISE ELIGIBLE FOR SUCH RENTAL
 ASSISTANCE AND A MEMBER OF SUCH ELDERLY FAMILY WHO IS AT LEAST SIXTY-TWO
 YEARS OF AGE HAS RESIDED IN THE  DWELLING  UNIT  RECEIVING  SUCH  RENTAL
 ASSISTANCE  FOR  AT  LEAST ONE HUNDRED EIGHTY DAYS IMMEDIATELY PRECEDING
 SUCH DEATH OR PERMANENT DEPARTURE.
   4. THE RENTAL ASSISTANCE AUTHORIZED BY SUBDIVISION ONE OF THIS SECTION
 MAY BE PROVIDED EITHER AS TENANT-BASED OR AS BUILDING-BASED  ASSISTANCE.

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 SUCH ASSISTANCE MAY BE USED IN CONJUNCTION WITH ANY GOVERNMENTAL PROGRAM
 OR PROJECT TO DEVELOP OR PRESERVE HOUSING.
   5.  A  PERSON WHO HAS OBTAINED A RENT INCREASE EXEMPTION ORDER GRANTED
 PURSUANT TO SECTION FOUR HUNDRED SIXTY-SEVEN-B OR  FOUR  HUNDRED  SIXTY-
 SEVEN-C  OF  THE  REAL  PROPERTY TAX LAW MAY ALSO BE ELIGIBLE TO RECEIVE
 RENTAL ASSISTANCE PURSUANT TO SUBDIVISION ONE OF THIS  SECTION  IF  SUCH
 PERSON  IS  A MEMBER OF AN ELDERLY FAMILY THAT IS OTHERWISE ELIGIBLE FOR
 SUCH ASSISTANCE.
   § 933. GENERAL AND ADMINISTRATIVE PROVISIONS.  1. THE HOUSING  ASSIST-
 ANCE CORPORATION AND THE DEPARTMENT OF HOUSING PRESERVATION AND DEVELOP-
 MENT  SHALL  HAVE  THE  AUTHORITY TO INCUR REASONABLE COSTS FOR ADMINIS-
 TRATION OF THE PROGRAM AUTHORIZED BY SECTION NINE HUNDRED THIRTY-TWO  OF
 THIS  ARTICLE  PROVIDED  THAT  NO  MORE  THAN  FIVE PERCENT OF THE TAXES
 COLLECTED PURSUANT TO SUBDIVISION G OF SECTION 11-2102 OF  THE  ADMINIS-
 TRATIVE CODE OF THE CITY OF NEW YORK SHALL BE USED FOR SUCH COSTS.
   2.  THE  HOUSING  ASSISTANCE CORPORATION AND THE DEPARTMENT OF HOUSING
 PRESERVATION AND DEVELOPMENT SHALL HAVE THE AUTHORITY TO PROMULGATE SUCH
 RULES AS ARE NECESSARY TO CARRY  OUT  THE  PROVISIONS  OF  SECTION  NINE
 HUNDRED THIRTY-TWO OF THIS ARTICLE.
   §  3.  Section  11-2102  of the administrative code of the city of New
 York is amended by adding three new subdivisions g, h and i to  read  as
 follows:
   G.  IN  ADDITION  TO THE TAXES IMPOSED BY SUBDIVISIONS A AND B OF THIS
 SECTION, THERE IS HEREBY IMPOSED A TAX ON EACH DEED OR OTHER  INSTRUMENT
 OR TRANSACTION CONVEYING OR TRANSFERRING RESIDENTIAL REAL PROPERTY OR AN
 ECONOMIC  INTEREST  THEREIN,  AT  THE TIME OF DELIVERY BY A GRANTOR TO A
 GRANTEE, WHEN THE CONSIDERATION FOR SUCH PROPERTY  AND  ANY  IMPROVEMENT
 THEREON (WHETHER OR NOT IT IS INCLUDED IN THE SAME DEED) IS GREATER THAN
 TWO  MILLION  DOLLARS,  OR  AT THE TIME OF THE TRANSFER OF SUCH ECONOMIC
 INTEREST BY A GRANTOR TO A GRANTEE, WHERE  THE  CONSIDERATION  FOR  SUCH
 ECONOMIC  INTEREST IS GREATER THAN TWO MILLION DOLLARS. EXCEPT AS OTHER-
 WISE PROVIDED IN THIS SECTION, ALL THE PROVISIONS OF THIS CHAPTER RELAT-
 ING TO OR APPLICABLE TO THE ADMINISTRATION, COLLECTION AND DETERMINATION
 OF THE TAX IMPOSED BY SUBDIVISIONS A AND B OF THIS SECTION  SHALL  APPLY
 TO THE TAX IMPOSED BY THIS SUBDIVISION WITH SUCH MODIFICATIONS AS MAY BE
 NECESSARY  TO ADAPT SUCH LANGUAGE TO THE TAX SO IMPOSED. FOR PURPOSES OF
 THIS SECTION, "RESIDENTIAL REAL PROPERTY"  SHALL  INCLUDE  ANY  PREMISES
 THAT ARE OR MAY BE USED IN WHOLE OR IN PART AS A PERSONAL RESIDENCE, AND
 SHALL  INCLUDE  A ONE, TWO OR THREE-FAMILY HOUSE, AN INDIVIDUAL RESIDEN-
 TIAL CONDOMINIUM UNIT, OR AN INDIVIDUAL RESIDENTIAL  COOPERATIVE  APART-
 MENT.  SUCH  TAX SHALL BE AT THE RATE OF TWO AND ONE-HALF PERCENT OF THE
 CONSIDERATION IN EXCESS OF TWO MILLION DOLLARS.
   H. FOR PURPOSES OF  THIS  SECTION,  THE  DETERMINATION  OF  WHETHER  A
 CONVEYANCE OR TRANSFER SHALL BE SUBJECT TO THE TAXES IMPOSED BY SUBDIVI-
 SIONS  A,  B AND G OF THIS SECTION, AND OF THE RATE OF SUCH TAXES, SHALL
 BE MADE PRIOR TO THE APPLICATION OF SUBDIVISION F OF  THIS  SECTION  AND
 PARAGRAPH  EIGHT  OF  SUBDIVISION  B OF SECTION 11-2106 OF THIS CHAPTER,
 PROVIDED, HOWEVER, THAT THE AMOUNT  OF  CONSIDERATION  SUBJECT  TO  SUCH
 TAXES SHALL BE DETERMINED AFTER THE APPLICATION OF SUBDIVISION F OF THIS
 SECTION  AND PARAGRAPH EIGHT OF SUBDIVISION B OF SECTION 11-2106 OF THIS
 CHAPTER.
   I. ANY TAX COLLECTED PURSUANT TO SUBDIVISION G OF THIS  SECTION  SHALL
 BE USED EXCLUSIVELY FOR THE PROVISION OF RENTAL ASSISTANCE TO LOW-INCOME
 FAMILIES  WHOSE  MEMBERS  CONSTITUTE  AN ELDERLY FAMILY, AS DESCRIBED IN
 SUBDIVISION NINE OF SECTION SIX  HUNDRED  FIFTY-FOUR-B  OF  THE  PRIVATE
 HOUSING FINANCE LAW. FOR PURPOSES OF THIS SUBDIVISION, "LOW-INCOME FAMI-

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 LIES"  AND  "ELDERLY  FAMILY" SHALL HAVE THE SAME MEANING AS PROVIDED IN
 SECTION NINE HUNDRED THIRTY-ONE OF THE PRIVATE HOUSING FINANCE LAW.
   §  4.    Section 11-2104 of the administrative code of the city of New
 York, as added by local law number 71 of the city of New  York  for  the
 year  1986,  subdivision 4 as amended by local law number 59 of the city
 of New York for the year 1989, subdivisions  5  and  6  as  amended  and
 subdivision 7 as added by chapter 170 of the laws of 1994, is amended to
 read as follows:
   §  11-2104 Payment.   The tax imposed [hereunder] PURSUANT TO SUBDIVI-
 SIONS A AND B OF SECTION 11-2102 OF THIS CHAPTER shall be  paid  by  the
 grantor  to the commissioner of finance at the office of the register in
 the county where the deed is or would be  recorded  within  thirty  days
 after  the delivery of the deed by the grantor to the grantee but before
 the recording of such deed, or, in the case of a tax on the transfer  of
 an economic interest in real property, at such place as the commissioner
 of  finance  shall designate, within thirty days after the transfer. The
 grantee shall also be liable for the payment of such tax  in  the  event
 that  the amount of tax due is not paid by the grantor or the grantor is
 exempt from tax. THE TAX IMPOSED PURSUANT TO SUBDIVISION  G  OF  SECTION
 11-2102 OF THIS CHAPTER SHALL BE PAID BY THE GRANTEE TO THE COMMISSIONER
 OF FINANCE AT THE OFFICE OF THE REGISTER IN THE COUNTY WHERE THE DEED IS
 OR  WOULD  BE RECORDED WITHIN THIRTY DAYS AFTER THE DELIVERY OF THE DEED
 BY THE GRANTOR TO THE GRANTEE BUT BEFORE THE RECORDING OF SUCH DEED, OR,
 IN THE CASE OF A TAX ON THE TRANSFER OF AN  ECONOMIC  INTEREST  IN  REAL
 PROPERTY,  AT SUCH PLACE AS THE COMMISSIONER OF FINANCE SHALL DESIGNATE,
 WITHIN THIRTY DAYS AFTER THE TRANSFER. THE GRANTOR SHALL ALSO BE  LIABLE
 FOR  THE PAYMENT OF THE TAX IMPOSED PURSUANT TO SUBDIVISION G OF SECTION
 11-2102 OF THIS CHAPTER IN THE EVENT THAT THE AMOUNT OF TAX DUE  IS  NOT
 PAID  BY  THE  GRANTEE OR THE GRANTEE IS EXEMPT FROM PAYMENT OF THE TAX.
 All moneys received as such payments by the register during the  preced-
 ing  month  shall  be  transmitted to the commissioner of finance on the
 first day of each month or on such other day as is mutually agreeable to
 the commissioner of finance and the register.
   A. From the moneys so received by him or her PURSUANT TO  SUBDIVISIONS
 A  AND B OF SECTION 11-2102 OF THIS CHAPTER, the commissioner of finance
 shall set said in a special account:
   (1) the total amount of taxes imposed pursuant to  the  provisions  of
 paragraph  three  of  subdivision  a  of section 11-2102 of this chapter
 including any interest or penalties thereon;
   (2) fifty percent of the total amount of taxes imposed pursuant to the
 provisions of paragraph four of subdivision a of section 11-2102 of this
 chapter, including fifty percent of any interest or  penalties  thereon,
 provided,  however, that where such tax is measured by the consideration
 for a conveyance without deduction for the amount  of  any  mortgage  or
 other lien or encumbrance on the real property or interest therein which
 existed  before  the  delivery of the deed and remains thereon after the
 delivery of the deed, the entire amount of tax imposed at  the  rate  of
 one  percent  on  the  portion  of  the consideration ascribable to such
 nondeductible mortgage, lien or other encumbrance, including any  inter-
 est or penalties thereon, and fifty percent of the tax on the balance of
 the  consideration, including fifty percent of any interest or penalties
 thereon, shall be set aside in such special account;
   (3) fifty percent of the total amount of taxes imposed pursuant to the
 provisions of subparagraph (iii) of paragraph seven of subdivision a  of
 section 11-2102 of this chapter, including fifty percent of any interest
 or penalties thereon;

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   (4) fifty percent of the total amount of taxes imposed pursuant to the
 provisions  of  paragraph  eight  of subdivision a of section 11-2102 of
 this chapter, including fifty percent of any interest or penalties ther-
 eon;
   (5)  fifty percent of the total amount of taxes imposed at the rate of
 two percent pursuant to the provisions of clause (ii) of subparagraph  A
 of  paragraph  one  of  subdivision b of section 11-2102 of this chapter
 including fifty percent of any interest or penalties thereon;
   (6) with respect to any conveyance of real property,  transfer  of  an
 economic  interest  therein,  or any grant, assignment or surrender of a
 leasehold interest in real property, made  on  or  after  August  first,
 nineteen  hundred  eighty-nine  and  taxable under this chapter, in each
 instance where the tax rate is in excess of two percent,  a  portion  of
 the  tax  received  equal to one percent of the consideration subject to
 the tax plus any interest or penalty attributable to such portion of the
 tax; and
   (7) notwithstanding anything in [subdivision] PARAGRAPH  six  OF  THIS
 SUBDIVISION to the contrary, in each instance where the tax rate imposed
 pursuant  to  subdivision  e  of  section  11-2102 of this chapter is in
 excess of one percent, a portion of the tax received equal  to  one-half
 of  one  percent  of  the  total  consideration for the real property or
 economic interest therein conveyed or transferred, plus any interest  or
 penalty attributable to such portion of the tax.
   Moneys  in such account shall be used for payment by such commissioner
 to the state comptroller for deposit in the urban mass transit operating
 assistance account of the mass transportation operating assistance  fund
 of any amount of insufficiency certified by the state comptroller pursu-
 ant  to  the  provisions  of  subdivision six of section [eight-eight-a]
 EIGHTY-EIGHT-A of the state finance law, and, on the  fifteenth  day  of
 each month, the commissioner of finance shall transmit all funds in such
 account  on  the  last  day  of  the  preceding month, except the amount
 required for the payment of any amount of insufficiency certified by the
 state comptroller and such amount as  he  or  she  deems  necessary  for
 refunds  and  such  other amounts necessary to finance the New York City
 transportation disabled committee and  the  New  York  City  paratransit
 system  as  established  by section fifteen-b of the transportation law,
 provided, however, that such amounts shall not exceed six percent of the
 total funds in the account but in no event  be  less  than  one  hundred
 seventy-five  thousand  dollars  beginning April first, nineteen hundred
 eighty-six, and further  that  beginning  November  fifteenth,  nineteen
 hundred  eighty-four  and during the entire period prior to operation of
 such system, the total of such amounts shall not  exceed  three  hundred
 seventy-five  thousand  dollars  for the administrative expenses of such
 committee and fifty thousand dollars for  the  expenses  of  the  agency
 designated  pursuant to paragraph b of subdivision five of such section,
 and other amounts necessary  to  finance  the  operating  needs  of  the
 private bus companies franchised by the city of New York and eligible to
 receive  state  operating  assistance  under  section  eighteen-b of the
 transportation law, provided,  however,  that  such  amounts  shall  not
 exceed  four  percent of the total funds in the account, to the New York
 city transit authority for mass transit within the city.
   B. THE MONEYS RECEIVED BY THE  COMMISSIONER  OF  FINANCE  PURSUANT  TO
 SUBDIVISION  G  OF SECTION 11-2102 OF THIS CHAPTER SHALL BE HELD FOR THE
 BENEFIT OF THE HOUSING  ASSISTANCE  CORPORATION  FOR  THE  PROVISION  OF
 RENTAL  ASSISTANCE  TO  LOW-INCOME  FAMILIES WHOSE MEMBERS CONSTITUTE AN
 ELDERLY FAMILY IN ACCORDANCE WITH SUBDIVISION I  OF  SUCH  SECTION,  AND

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 PAID  TO  THE HOUSING ASSISTANCE CORPORATION, IN THE SAME FISCAL YEAR OR
 AS SOON AS PRACTICABLE THEREAFTER, FOR THE PURPOSES  DESCRIBED  IN  SUCH
 SUBDIVISION  I.  SUCH  MONEYS  SHALL  BE USED TO SUPPLEMENT, RATHER THAN
 SUPPLANT,  LOCAL  FUNDS  THAT  SUCH  CITY  WOULD  HAVE  EXPENDED FOR THE
 PROVISION OF RENTAL ASSISTANCE  TO  LOW-INCOME  FAMILIES  WHOSE  MEMBERS
 CONSTITUTE AN ELDERLY FAMILY. FOR PURPOSES OF THIS SUBDIVISION, "LOW-IN-
 COME  FAMILIES"  AND  "ELDERLY  FAMILY"  SHALL  HAVE THE SAME MEANING AS
 PROVIDED IN SECTION NINE  HUNDRED  THIRTY-ONE  OF  THE  PRIVATE  HOUSING
 FINANCE LAW.
   §  5.  This  act shall take effect on the ninetieth day after it shall
 have become a law.