S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7622--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 25, 2023
                                ___________
 
 Introduced  by  M. of A. FALL -- read once and referred to the Committee
   on Corporations, Authorities and Commissions -- committee  discharged,
   bill  amended,  ordered  reprinted  as amended and recommitted to said
   committee
 
 AN ACT to amend the public authorities law, in relation to  establishing
   ground rent rebates for eligible homeowners and renters in the Battery
   Park project area
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 1974-b of the public authorities law is amended  by
 adding a new subdivision 3 to read as follows:
   3.  (A)  FOR  PURPOSES  OF  THIS SUBDIVISION: (I) "ELIGIBLE HOMEOWNER"
 SHALL MEAN AN OWNER OF A RESIDENCE LOCATED IN THE BATTERY  PARK  PROJECT
 AREA  WHO  OCCUPIES  SUCH RESIDENCE AS THE HOMEOWNER'S PRIMARY RESIDENCE
 AND WHOSE ANNUAL HOUSEHOLD INCOME DOES  NOT  EXCEED  ONE  HUNDRED  FIFTY
 PERCENT  OF  THE AREA MEDIAN INCOME DEFINED AND CALCULATED BY THE UNITED
 STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT FOR THE NEW YORK CITY
 REGION, ADJUSTED FOR HOUSEHOLD SIZE; (II) "ELIGIBLE RENTER" SHALL MEAN A
 PERSON WHOSE PRIMARY RESIDENCE IS LOCATED IN THE  BATTERY  PARK  PROJECT
 AREA  AND IS DESIGNATED A QUASI-RENT STABILIZED UNIT OR HAS RESTRICTIONS
 ON ANNUAL RENT INCREASES PURSUANT TO A REGULATORY AGREEMENT BETWEEN  THE
 AUTHORITY  AND  THE LANDLORD, AND WHOSE ANNUAL HOUSEHOLD INCOME DOES NOT
 EXCEED ONE HUNDRED FIFTY PERCENT OF THE AREA MEDIAN INCOME  DEFINED  AND
 CALCULATED BY THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOP-
 MENT  FOR  THE NEW YORK CITY REGION; (III) "REBATE BASE YEAR" SHALL MEAN
 THE YEAR TWO THOUSAND TWENTY-TWO FOR ANY HOMEOWNER WHO  IS  AN  ELIGIBLE
 HOMEOWNER OR ANY RENTER WHO IS AN ELIGIBLE RENTER BASED UPON THEIR ANNU-
 AL  HOUSEHOLD INCOME FOR THE YEAR TWO THOUSAND TWENTY-THREE, OR THE YEAR
 PRECEDING THE YEAR IN WHICH A HOMEOWNER FIRST BECOMES AN ELIGIBLE  HOME-
 OWNER  OR  A  RENTER  FIRST  BECOMES  AN ELIGIBLE RENTER; IN THE EVENT A
 PREVIOUSLY ELIGIBLE HOMEOWNER OR A PREVIOUSLY  ELIGIBLE  RENTER  BECOMES
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07261-04-3
              

 A. 7622--A                          2
 
 INELIGIBLE  BECAUSE THE HOMEOWNER'S OR RENTER'S HOUSEHOLD INCOME EXCEEDS
 ONE HUNDRED FIFTY PERCENT OF THE AREA MEDIAN INCOME FOR TWO  CONSECUTIVE
 YEARS,  THE REBATE BASE YEAR SHALL BE RESET TO BE THE YEAR PRECEDING ANY
 SUBSEQUENT YEAR IN WHICH THE HOMEOWNER OR RENTER AGAIN BECOMES ELIGIBLE;
 (IV)  "HOMEOWNER'S  GROUND RENT" SHALL MEAN THE PORTION OF A HOMEOWNER'S
 BUILDING'S GROUND RENT ATTRIBUTABLE TO THE HOMEOWNER'S OCCUPANCY OF  THE
 HOMEOWNER'S PRIMARY RESIDENCE AND PAID BY THE HOMEOWNER TO THE AUTHORITY
 UNDER  THE BUILDING'S RESIDENTIAL SUBLEASE TO THE LEASE BETWEEN THE CITY
 OF NEW YORK AND THE  AUTHORITY,  DATED  NOVEMBER  TWENTY-FOUR,  NINETEEN
 HUNDRED  SIXTY-NINE  AND  RECORDED DECEMBER TWENTY-SIX, NINETEEN HUNDRED
 SIXTY-NINE ON PAGE ONE OF REEL ONE HUNDRED SIXTY-ONE, AND ANY SUBSEQUENT
 AMENDMENTS; AND (V) "RENTER'S GROUND RENT" SHALL MEAN THE PORTION  OF  A
 RENTER'S  RENT  PAYMENT  ATTRIBUTABLE  TO  THE  GROUND RENT BASED ON THE
 RENTER'S OCCUPANCY OF HIS OR HER PRIMARY RESIDENCE AND PAID BY THE LAND-
 LORD TO THE AUTHORITY UNDER THE BUILDING'S RESIDENTIAL SUBLEASE  TO  THE
 LEASE  BETWEEN  THE  CITY  OF NEW YORK AND THE AUTHORITY, DATED NOVEMBER
 TWENTY-FOUR, NINETEEN HUNDRED SIXTY-NINE AND RECORDED  DECEMBER  TWENTY-
 SIX,  NINETEEN HUNDRED SIXTY-NINE ON PAGE ONE OF REEL ONE HUNDRED SIXTY-
 ONE, AND ANY SUBSEQUENT AMENDMENTS.
   (B) NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY, THE AUTHORI-
 TY SHALL OFFER TO EACH ELIGIBLE HOMEOWNER AND ELIGIBLE RENTER  A  REBATE
 OF  THE PORTION OF SUCH HOMEOWNER'S OR RENTER'S GROUND RENT EQUAL TO THE
 DIFFERENCE BETWEEN THE AMOUNT OF SUCH  HOMEOWNER'S  OR  RENTER'S  GROUND
 RENT  DUE  IN  THE REBATE BASE YEAR AND THE AMOUNT OF THE HOMEOWNER'S OR
 RENTER'S GROUND RENT DUE AND PAID IN THE YEAR  FOR  WHICH  THE  ELIGIBLE
 HOMEOWNER  OR  ELIGIBLE  RENTER APPLIES FOR THE REBATE. IF THE AUTHORITY
 DETERMINES A HOMEOWNER TO BE AN ELIGIBLE HOMEOWNER OR A RENTER TO BE  AN
 ELIGIBLE RENTER FOR A GIVEN YEAR, THE AUTHORITY SHALL PERMIT SUCH ELIGI-
 BLE HOMEOWNER OR ELIGIBLE RENTER TO CERTIFY THAT THEY EXPECT TO MEET THE
 ELIGIBILITY  CRITERIA  IN  THE NEXT SUCCEEDING YEAR; UPON REVIEWING SUCH
 CERTIFICATION AND FINDING THAT SUCH HOMEOWNER OR RENTER IS LIKELY TO  BE
 AN  ELIGIBLE  HOMEOWNER OR ELIGIBLE RENTER IN SUCH NEXT SUCCEEDING YEAR,
 THE AUTHORITY SHALL, TO THE EXTENT  PRACTICABLE,  OFFER  A  PROPORTIONAL
 SHARE  OF THE EXPECTED ANNUAL REBATE IN THE FORM OF A PERIODIC REBATE OR
 DISCOUNT DURING THE YEAR FOR WHICH THE HOMEOWNER OR RENTER  IS  EXPECTED
 TO BE ELIGIBLE.
   (C)  WITHIN  ONE  HUNDRED  EIGHTY  DAYS  OF THE EFFECTIVE DATE OF THIS
 SUBDIVISION, THE AUTHORITY SHALL PROMULGATE PROCEDURES FOR APPLYING  FOR
 SUCH  REBATE,  AND  SET STANDARDS FOR REVIEWING APPLICATIONS AND CERTIF-
 ICATIONS, ASSESSING THE ACCURACY OF ANY INFORMATION NECESSARY TO  DETER-
 MINE ELIGIBILITY, AND MAKING PAYMENTS TO APPLICANTS FOUND TO BE ELIGIBLE
 AND THOSE EXPECTED TO BE ELIGIBLE IN THE NEXT SUCCEEDING YEAR.
   § 2. This act shall take effect immediately.