Assembly Bill A2068

2021-2022 Legislative Session

Relates to adjusted rents under the participation loan program

download bill text pdf

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Archive: Last Bill Status - In Assembly 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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2021-A2068 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §804, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2017-2018: A6963
2019-2020: A3716
2023-2024: A1746

2021-A2068 (ACTIVE) - Summary

Relates to certain adjusted rents under the participation loan program; provides that rehabilitated rent control and rent stabilized units shall have adjusted rents determined in accordance with such programs.

2021-A2068 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2068
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 14, 2021
                                ___________
 
 Introduced by M. of A. DINOWITZ -- read once and referred to the Commit-
   tee on Housing
 
 AN ACT to amend the private housing finance law, in relation to adjusted
   rents under the participation loan program
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Section 804 of the private housing finance law, as  amended
 by chapter 456 of the laws of 2003, is amended to read as follows:
   §  804. Rentals. [Notwithstanding the provisions of, or any regulation
 promulgated pursuant to, the emergency housing  rent  control  law,  the
 local  emergency  housing rent control act or local law enacted pursuant
 thereto, upon] UPON completion of  the  rehabilitation  of  an  existing
 multiple  dwelling,  the  construction of a new multiple dwelling or the
 conversion of non-residential property into a multiple dwelling aided by
 a participation loan made pursuant to this  article,  the  agency  shall
 establish  the  initial rent for each dwelling unit within the rehabili-
 tated, newly constructed or converted multiple dwelling;  PROVIDED  THAT
 UPON  THE  REHABILITATION  OF  AN  EXISTING  MULTIPLE DWELLING WHICH WAS
 SUBJECT TO THE PROVISIONS OF, OR ANY REGULATION PROMULGATED PURSUANT TO,
 THE EMERGENCY HOUSING RENT CONTROL LAW, THE LOCAL EMERGENCY HOUSING RENT
 CONTROL ACT, THE RENT STABILIZATION LAW OF NINETEEN  HUNDRED  SIXTY-NINE
 OR  ANY  LOCAL  LAW ENACTED PURSUANT THERETO, THE ADJUSTED RENT SHALL BE
 ESTABLISHED PURSUANT TO SUCH PROVISIONS. Where the city of New  York  or
 the  New  York  city housing development corporation has participated or
 invested in a loan pursuant to this article, all dwelling  units  within
 the  multiple  dwelling subsequent to the establishment of initial rents
 by the agency shall be subject to the rent stabilization law of nineteen
 hundred sixty-nine provided, that the occupant in possession of a dwell-
 ing unit when the multiple dwelling is made subject to the rent stabili-
 zation law of nineteen hundred sixty-nine shall be offered  a  two  year
 lease notwithstanding any contrary provisions of, or regulations adopted
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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