Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 25, 2020 |
referred to housing, construction and community development |
Senate Bill S8132
2019-2020 Legislative Session
Sponsored By
(D) 27th 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
co-Sponsors
(D, WF) 47th Senate District
2019-S8132 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9720
- Current Committee:
- Senate Housing, Construction And Community Development
- Law Section:
- Private Housing Finance Law
- Laws Affected:
- Add §35-a, Priv Hous Fin L
- Versions Introduced in 2021-2022 Legislative Session:
-
S2741, A621
2019-S8132 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8132 SPONSOR: KAVANAGH TITLE OF BILL: An act to amend the private housing finance law, in relation to direct- ing the department of housing preservation and development of the city of New York to promulgate rules and regulations regarding mutual housing companies considering dissolution and/or reconstitution PURPOSE: This bill amends the private housing finance law by adding a new section, 35-a. This section requires that any vote of dissolution by a mutual housing company receive approval from at least eighty percent of all occupied and unoccupied units. SUMMARY OF SPECIFIC PROVISIONS: Section one of the bill amends the private housing finance law by adding a new section, 35-a. This section requires HPD to promulgate rules and
2019-S8132 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8132 I N S E N A T E March 25, 2020 ___________ Introduced by Sen. KAVANAGH -- 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 direct- ing the department of housing preservation and development of the city of New York to promulgate rules and regulations regarding mutual hous- ing companies considering dissolution and/or reconstitution 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 35-a to read as follows: § 35-A. RULES AND REGULATIONS REGARDING DISSOLUTION. THE COMMISSIONER OR SUPERVISING AGENCY SHALL PROMULGATE RULES AND REGULATIONS REGARDING MUTUAL HOUSING COMPANIES CONSIDERING DISSOLUTION AND/OR RECONSTITUTION PURSUANT TO SECTION THIRTY-FIVE OF THIS ARTICLE. SUCH RULES AND REGU- LATIONS SHALL AT A MINIMUM INCLUDE: 1. A REQUIREMENT THAT ANY VOTE FOR DISSOLUTION OF THE COMPANY, OR FOR AUTHORIZATION OF A FEASIBILITY STUDY, A PRELIMINARY OFFERING PLAN WHICH MAY BE REFERRED TO AS A RED HERRING, A FINAL OFFERING PLAN WHICH MAY BE REFERRED TO AS A BLACK BOOK, A PROXY STATEMENT, OR TO SEND A NOTICE OF INTENT TO DISSOLVE TO THE COMMISSIONER OR SUPERVISING AGENCY SHALL REQUIRE THE APPROVAL OF EIGHTY PERCENT OF ALL DWELLING UNITS, BOTH OCCU- PIED AND UNOCCUPIED, OWNED BY THE MUTUAL HOUSING COMPANY. 2. A REQUIREMENT THAT NO FUNDS FROM THE OPERATING BUDGET OF THE MUTUAL HOUSING COMPANY SHALL BE USED FOR THE PREPARATION OR DISTRIBUTION OF A FEASIBILITY STUDY, A PRELIMINARY OFFERING PLAN OR RED HERRING, A FINAL OFFERING PLAN OR BLACK BOOK, A PROXY STATEMENT, OR A NOTICE OF INTENT TO DISSOLVE; OR TO PAY FOR ANY SERVICES RELATED TO EVALUATION OF, PREPARA- TION FOR, OR EXECUTION OF DISSOLUTION AND/OR RECONSTITUTION PURSUANT TO SECTION THIRTY-FIVE OF THIS ARTICLE, INCLUDING BUT NOT LIMITED TO LEGAL SERVICES. 3. NO VOTE UNDER SUBDIVISION ONE OF THIS SECTION, SHALL OCCUR WITHIN FIVE YEARS FOLLOWING A VOTE UNDER SUBDIVISION ONE OF THIS SECTION THAT FAILED. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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