S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10714
 
                           I N  A S S E M B L Y
 
                            September 18, 2024
                                ___________
 
 Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Epstein) --
   read once and referred to the Committee on Housing
 
 AN ACT to amend the private housing finance  law,  in  relation  to  the
   payment  of arrears for certain taxes and placing limitations on hous-
   ing development fund company regulatory agreements
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (b) of subdivision 1 and subparagraphs 1 and 9 of
 paragraph  (b)  of subdivision 2 of section 577-b of the private housing
 finance law, paragraph (b) of subdivision 1 as amended by chapter 225 of
 the laws of 2004 and subparagraphs 1 and 9 of paragraph (b) of  subdivi-
 sion  2  as  added  by  chapter 315 of the laws of 2002, are amended and
 paragraph (b) of subdivision 2 is amended by adding a  new  subparagraph
 4-a to read as follows:
   (b)  [on January first, two thousand two, had] HAS outstanding munici-
 pal real estate taxes relating to any PRIOR  period  [prior  to  January
 first, two thousand one].
   (1) a term of [thirty] FORTY years;
   (4-A)  THAT  SUSPENDED  ARREARS  SHALL  BE  SUBORDINATED  TO  ANY LOAN
 OBTAINED BY THE  HOUSING  DEVELOPMENT  FUND  CORPORATION  FOR  ALLOWABLE
 PURPOSES;
   (9) that the company shall be required to increase maintenance charges
 BY  A  MINIMUM  OF  TWO PERCENT PER YEAR or impose assessments to insure
 that the company can provide for its obligations.
   § 2. Section 576 of the private housing  finance  law  is  amended  by
 adding a new subdivision 4 to read as follows:
   4.  NOTWITHSTANDING  ANY  PROVISION  OF LAW, RULE OR REGULATION TO THE
 CONTRARY, A REGULATORY AGREEMENT PURSUANT TO THIS SECTION SHALL NOT:
   A. INCLUDE A REQUIREMENT FOR A MONITOR APPROVED BY THE COMMISSIONER OR
 SUPERVISING AGENCY, AS THE CASE MAY BE;
   B. PLACE ANY LIMITATIONS THAT WOULD RESTRICT THE ABILITY OF A  HOUSING
 DEVELOPMENT  FUND  COMPANY  TO  OBTAIN  A  MORTGAGE  OR  COMPLY WITH THE
 PROVISIONS OF THIS CHAPTER, INCLUDING BUT NOT LIMITED TO, IMPOSING SALES
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00048-02-3
              

 A. 10714                            2
 
 CAPS ON THE SALE OF DWELLING UNITS WITHIN  A  HOUSING  DEVELOPMENT  FUND
 COMPANY PROJECT;
   C.  REQUIRE  A  HOUSING  DEVELOPMENT FUND COMPANY TO HIRE A MANAGEMENT
 COMPANY FROM A LIST OF COMPANIES APPROVED BY THE COMMISSIONER OR  SUPER-
 VISING AGENCY, AS THE CASE MAY BE;
   D.  WHERE A SHAREHOLDER OF A HOUSING DEVELOPMENT FUND COMPANY INHERITS
 RESIDENTIAL PROPERTY WITHIN ONE HUNDRED MILES OF THE MUNICIPALITY  WHERE
 THE  HOUSING  DEVELOPMENT FUND COMPANY PROJECT, REQUIRE SUCH SHAREHOLDER
 TO EITHER VACATE THEIR DWELLING UNIT IN  THE  HOUSING  DEVELOPMENT  FUND
 COMPANY PROJECT OR SELL SUCH INHERITED PROPERTY;
   E.  LIMIT  THE  ASSETS  OF A SHAREHOLDER OF A HOUSING DEVELOPMENT FUND
 COMPANY TO ONE HUNDRED SEVENTY-FIVE PERCENT OR LESS OF THE  AREA  MEDIAN
 INCOME FOR A FAMILY OF FOUR FOR THE COUNTY IN WHICH A PROJECT IS LOCATED
 AS  CALCULATED  BY  THE  UNITED  STATES  DEPARTMENT OF HOUSING AND URBAN
 DEVELOPMENT;
   F. REQUIRE A SHAREHOLDER TO DEMONSTRATE HE OR SHE RESIDES IN THE HOUS-
 ING DEVELOPMENT FUND COMPANY PROJECT DWELLING UNIT MORE THAN ONE HUNDRED
 EIGHTY-THREE DAYS A YEAR; OR
   G. REQUIRE THE SALE OF A DWELLING UNIT IN A HOUSING  DEVELOPMENT  FUND
 COMPANY  PROJECT  TO  BE  ADMINISTERED  THROUGH  A HOUSING PORTAL OF THE
 COMMISSIONER OR SUPERVISING AGENCY, AS THE CASE MAY BE.
   § 3. This act shall take effect immediately.