Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2018 |
recommit, enacting clause stricken |
Jan 03, 2018 |
referred to housing, construction and community development |
Jun 01, 2017 |
referred to housing, construction and community development |
Senate Bill S6543
2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - Stricken
- 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
2017-S6543 (ACTIVE) - Details
- Law Section:
- Private Housing Finance Law
- Laws Affected:
- Add §573-a, amd §§572, 573 & 577, Priv Hous Fin L
2017-S6543 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6543 TITLE OF BILL : An act to amend the private housing finance law, in relation to the assets and supervision of housing development fund corporations SUMMARY OF PROVISIONS : Section 1 of the bill would add a new section 573-a to Article XI of the Private Housing Finance Law ("PHFL"). This new section would impose restrictions on Housing Development Fund Corporations ("HDFCs") to ensure that the original intent of Article XI is carried out. For example, subdivision 1 would prohibit an HDFC from leasing, or allowing the occupancy of, a dwelling unit to a family that is not low-income. Subdivision 2 would require an HDFC to obtain supervisory agency approval prior to any transfer of all or substantially all of its assets. Subdivisions 3 and 4 would also require an HDFC to obtain supervisory agency approval before an HDFC leases its real property or seeks to amend its certificate of incorporation. Subdivision 5 would authorize the supervising agency to appoint a number of new directors to the board of any HDFC that had violated Article XI or its certificate of incorporation so that the new directors constitute a majority of the board. It would also authorize the supervising agency to revoke or suspend all or part of any tax exemption of such an HDFC. Subdivision 5 would require that, prior to exercising these powers, the supervising agency provide notice and an opportunity to cure to
2017-S6543 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6543 2017-2018 Regular Sessions I N S E N A T E June 1, 2017 ___________ Introduced by Sen. LITTLE -- 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 assets and supervision of housing development fund corporations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The private housing finance law is amended by adding a new section 573-a to read as follows: § 573-A. ASSETS AND SUPERVISION OF HOUSING DEVELOPMENT FUND CORPO- RATIONS. 1. EXCEPT AS MAY BE SPECIFICALLY AUTHORIZED IN WRITING BY THE COMMISSIONER OR THE SUPERVISING AGENCY, AS THE CASE MAY BE, (A) A HOUS- ING DEVELOPMENT FUND CORPORATION SHALL NOT CAUSE OR PERMIT ANY VACANT DWELLING UNIT TO BE LEASED TO, OR OCCUPIED BY, ANYONE OTHER THAN FAMI- LIES AND PERSONS OF LOW INCOME, (B) A HOUSING DEVELOPMENT FUND CORPO- RATION ORGANIZED PURSUANT TO THE NOT-FOR-PROFIT CORPORATION LAW SHALL NOT CAUSE OR PERMIT ANY DWELLING UNIT TO BE LEASED OR OCCUPIED AT A RENT THAT IS NOT AFFORDABLE TO FAMILIES AND PERSONS OF LOW INCOME, AS DETER- MINED IN ACCORDANCE WITH STANDARDS ESTABLISHED BY THE COMMISSIONER OR THE SUPERVISING AGENCY, AS THE CASE MAY BE AND (C) A HOUSING DEVELOPMENT FUND CORPORATION ORGANIZED PURSUANT TO THE BUSINESS CORPORATION LAW SHALL NOT CAUSE OR PERMIT THE SALE, TRANSFER, ASSIGNMENT OR ISSUANCE OF ANY SHARES ALLOCATED TO ANY DWELLING UNIT TO ANYONE OTHER THAN FAMILIES AND PERSONS OF LOW INCOME, OR CAUSE OR PERMIT THE SALE, TRANSFER, ASSIGNMENT OR ISSUANCE OF ANY SHARES ALLOCATED TO ANY DWELLING UNIT FOR A PRICE THAT IS NOT AFFORDABLE TO FAMILIES AND PERSONS OF LOW INCOME, AS DETERMINED IN ACCORDANCE WITH STANDARDS ESTABLISHED BY THE COMMISSIONER OR THE SUPERVISING AGENCY. WHERE THE OWNERSHIP OF SHARES ALLOCATED TO ANY DWELLING UNIT IS TRANSFERRED BY OPERATION OF LAW, WITHOUT THE CONSENT OF THE HOUSING DEVELOPMENT FUND CORPORATION, TO PARTIES WHO ARE NOT FAMILIES AND PERSONS OF LOW INCOME, THE CORPORATION SHALL NOT CAUSE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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