Assembly Bill A9628A

2023-2024 Legislative Session

Requires out-of-state affordable housing owners to maintain an escrow account for affordable housing rental units located in New York state

download bill text pdf

Sponsored By

Current 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

Bill Amendments

2023-A9628 - Details

See Senate Version of this Bill:
S8828
Current Committee:
Assembly Housing
Law Section:
Private Housing Finance Law
Laws Affected:
Add §615, Priv Hous Fin L

2023-A9628 - Summary

Requires out-of-state affordable housing owners to maintain an escrow account for the purpose of financing utility costs, property tax obligations, fire services, and regular maintenance costs for affordable housing rental units located in New York state.

2023-A9628 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9628
 
                           I N  A S S E M B L Y
 
                              March 26, 2024
                                ___________
 
 Introduced  by  M.  of  A.  BUTTENSCHON -- read once and referred to the
   Committee on Housing
 
 AN ACT to amend the private housing finance law, in relation to  requir-
   ing  certain  out-of-state  affordable  housing  owners to maintain an
   escrow account for the purpose of  financing  utility  costs  and  tax
   obligations  for  affordable  housing rental units located in New York
   state

   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 615 to read as follows:
   § 615. OUT-OF-STATE AFFORDABLE HOUSING OWNER ESCROW ACCOUNT. 1.    FOR
 THE PURPOSES OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOW-
 ING MEANINGS:
   (A)  "HUD"  SHALL  MEAN  THE  FEDERAL  DEPARTMENT OF HOUSING AND URBAN
 DEVELOPMENT.
   (B) "OUT-OF-STATE AFFORDABLE HOUSING OWNER" SHALL MEAN  AN  AFFORDABLE
 HOUSING DEVELOPMENT COMPANY THAT:
   (I) IS LOCATED OUTSIDE OF NEW YORK STATE;
   (II)  OWNS  TWENTY  OR MORE AFFORDABLE HOUSING RENTAL UNITS LOCATED IN
 NEW YORK STATE; AND
   (III) RECEIVES FEDERAL FUNDING PURSUANT TO A HUD-ADMINISTERED  PROGRAM
 OR INITIATIVE.
   2.  (A)  EVERY OUT-OF-STATE AFFORDABLE HOUSING OWNER SHALL MAINTAIN AN
 ESCROW ACCOUNT FOR THE PURPOSE OF FINANCING UTILITY COSTS AND TAX  OBLI-
 GATIONS FOR AFFORDABLE HOUSING RENTAL UNITS LOCATED IN NEW YORK STATE.
   (B) SUCH ESCROW ACCOUNT SHALL CONTAIN FIFTY PERCENT OF:
   (I)  SUCH  OWNER'S  PROPERTY  TAX  OBLIGATIONS  FOR AFFORDABLE HOUSING
 RENTAL UNITS LOCATED IN NEW YORK STATE FOR THE PRIOR TAX YEAR; AND
   (II) UTILITY COSTS FOR AFFORDABLE HOUSING RENTAL UNITS LOCATED IN  NEW
 YORK STATE FOR THE PREVIOUS TWELVE MONTHS.
   §  2.  This  act  shall take effect on the sixtieth day after it shall
 have become a law.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14921-02-4

co-Sponsors

2023-A9628A (ACTIVE) - Details

See Senate Version of this Bill:
S8828
Current Committee:
Assembly Housing
Law Section:
Private Housing Finance Law
Laws Affected:
Add §615, Priv Hous Fin L

2023-A9628A (ACTIVE) - Summary

Requires out-of-state affordable housing owners to maintain an escrow account for the purpose of financing utility costs, property tax obligations, fire services, and regular maintenance costs for affordable housing rental units located in New York state.

2023-A9628A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9628--A
 
                           I N  A S S E M B L Y
 
                              March 26, 2024
                                ___________
 
 Introduced  by  M.  of  A.  BUTTENSCHON -- read once and referred to the
   Committee on Housing -- committee discharged,  bill  amended,  ordered
   reprinted as amended and recommitted to said committee
 
 AN  ACT to amend the private housing finance law, in relation to requir-
   ing certain out-of-state affordable  housing  owners  to  maintain  an
   escrow account for affordable housing rental units located in New York
   state
 
   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 615 to read as follows:
   §  615.  OUT-OF-STATE AFFORDABLE HOUSING OWNER ESCROW ACCOUNT. 1.  FOR
 THE PURPOSES OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOW-
 ING MEANINGS:
   (A) "HUD" SHALL MEAN THE  FEDERAL  DEPARTMENT  OF  HOUSING  AND  URBAN
 DEVELOPMENT.
   (B)  "OUT-OF-STATE  AFFORDABLE HOUSING OWNER" SHALL MEAN AN AFFORDABLE
 HOUSING DEVELOPMENT COMPANY THAT:
   (I) IS LOCATED OUTSIDE OF NEW YORK STATE;
   (II) OWNS TWENTY OR MORE AFFORDABLE HOUSING RENTAL  UNITS  LOCATED  IN
 NEW YORK STATE; AND
   (III)  RECEIVES FEDERAL FUNDING PURSUANT TO A HUD-ADMINISTERED PROGRAM
 OR INITIATIVE.
   2. (A) EVERY OUT-OF-STATE AFFORDABLE HOUSING OWNER SHALL  MAINTAIN  AN
 ESCROW  ACCOUNT,  HELD  BY  A BANK OR LICENSED LENDER, AS SUCH TERMS ARE
 DEFINED BY SECTION TWO OF THE BANKING LAW, FOR THE PURPOSE OF  FINANCING
 UTILITY  COSTS,  TAX OBLIGATIONS, FIRE SERVICES, AND REGULAR MAINTENANCE
 COSTS FOR AFFORDABLE HOUSING RENTAL UNITS LOCATED IN NEW YORK STATE.
   (B) SUCH ESCROW ACCOUNT SHALL CONTAIN:
   (I) FIFTY PERCENT OF SUCH OWNER'S PROPERTY TAX OBLIGATIONS FOR AFFORD-
 ABLE HOUSING RENTAL UNITS LOCATED IN NEW YORK STATE FOR  THE  PRIOR  TAX
 YEAR;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14921-03-4
 A. 9628--A                          2

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.