NY State Senate Bill 2017-S8529

Senate Bill S8529

2017-2018 Legislative Session

Amends the private housing finance law relating to establishing initial rents in respect of certain loans to owners of existing multiple dwellings, in relation to the effective date thereof

download bill text pdf

Archive: Last Bill Status - In Senate Committee Cities 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

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 09, 2018	referred to cities

2017-S8529 (ACTIVE) - Details

See Assembly Version of this Bill:: A10559
Current Committee:: Senate Cities
Law Section:: Housing
Laws Affected:: Amd §5, Chap 449 of 1986

2017-S8529 (ACTIVE) - Summary

Extends expiration of authority granted to the city of New York to restructure the rents of units in buildings receiving municipally financed rehabilitation loans.

2017-S8529 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S8529

SPONSOR: LITTLE
 
TITLE OF BILL:  An act to amend chapter 449 of the laws of 1986 amend-
ing the private housing finance law relating to establishing initial
rents in respect of certain loans to owners of existing multiple dwell-
ings, in relation to the effectiveness thereof

 
PURPOSE:

Chapter 75 of the laws of 2014 extended the ability of the local housing
agency in the City of New York, the Department of Housing Preservation
and Development ("HPD"), to restructure rents in dwelling units rehabil-
itated after June 30, 2002. This authority expires on June 30, 2018.
This legislation extends this authority to June 30, 2021, thereby allow-
ing HPD to continue to effectively utilize Article 8 of the PHFL as an
essential tool for the rehabilitation of affordable housing in New York
City.

The extension of this rent restructuring authority is crucial in allow-
ing for the payment of a building's monthly operating costs and debt
service and for multiple dwellings receiving Article 8 rehabilitation

loans to be preserved as affordable housing.

 
SUMMARY OF PROVISIONS:

This bill extends the existing authority of the local housing agency in
the City of New York to restructure rents in residential buildings that
have received low-interest, municipally-financed rehabilitation loans
under Article 8 of the Private Housing Finance Law ("PHFL"). Currently,
the ability to restructure rents expires on June 30, 2018. This extender
would be effective for loans closed on or before June 30, 2021.

 
LEGISLATIVE HISTORY:

New Bill.

 
FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
This act shall take effect immediately; provided, however, that if this
act shall have become a law after June 30, 2018 it shall be deemed to
have been in full force and effect on and after June 30, 2018.

2017-S8529 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8529
 
                             I N  S E N A T E
 
                                May 9, 2018
                                ___________
 
 Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Cities
 
 AN ACT to amend chapter 449 of the laws of  1986  amending  the  private
   housing  finance law relating to establishing initial rents in respect
   of certain loans to owners of existing multiple dwellings, in relation
   to the effectiveness thereof

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Section 5 of chapter 449 of the laws of 1986, amending the
 private housing finance law relating to establishing  initial  rents  in
 respect  of  certain  loans to owners of existing multiple dwellings, as
 amended by chapter 75 of the  laws  of  2014,  is  amended  to  read  as
 follows:
   §  5.  This  act  shall  take  effect  immediately;  provided that the
 provisions of sections one, two and four of this  act  shall  remain  in
 full force and effect until and including June 30, [2018] 2021, provided
 further  that  dwelling units made subject to the rent stabilization law
 of nineteen hundred sixty-nine pursuant to such  sections  of  this  act
 shall continue to remain subject to such law.
   §  2.  This act shall take effect immediately; provided, however, that
 if this act shall have become a law after June  30,  2018  it  shall  be
 deemed to have been in full force and effect on and after June 30, 2018.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15751-01-8

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