Senate Bill S9380A

2023-2024 Legislative Session

Creates an affordable housing relief fund program to preserve affordable multifamily residential properties located in New York state

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Finance 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
Votes

Bill Amendments

2023-S9380 - Details

See Assembly Version of this Bill:
A10293
Current Committee:
Senate Finance
Law Section:
Private Housing Finance Law
Laws Affected:
Add Art 33 §§1300 - 1307, Priv Hous Fin L

2023-S9380 - Summary

Creates an affordable housing relief fund program to preserve affordable multifamily residential properties located in New York state.

2023-S9380 - Sponsor Memo

2023-S9380 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9380
 
                             I N  S E N A T E
 
                               May 14, 2024
                                ___________
 
 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 creating
   an  affordable  housing  relief  fund  program  to preserve affordable
   multifamily residential properties 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
 article 33 to read as follows:
                               ARTICLE XXXIII
                  AFFORDABLE HOUSING RELIEF FUND PROGRAM
 SECTION 1300. STATEMENT OF LEGISLATIVE FINDINGS.
         1301. DEFINITIONS.
         1302. AFFORDABLE HOUSING RELIEF FUND PROGRAM.
         1303. PROGRAM CRITERIA.
         1304. FUNDING CRITERIA.
         1305. AFFORDABILITY PROTECTION.
         1306. FUNDING AND ANNUAL REPORT.
   § 1300. STATEMENT OF LEGISLATIVE FINDINGS. THE LEGISLATURE  FINDS  AND
 DECLARES  THAT  THERE  EXISTS  A  SERIOUS SHORTAGE OF SAFE AND HABITABLE
 AFFORDABLE HOUSING IN NEW YORK STATE FOR PERSONS  AND  FAMILIES  OF  LOW
 INCOME.  A  SIGNIFICANT  PORTION  OF THE AFFORDABLE, MULTIFAMILY HOUSING
 STOCK IS IN OPERATIONAL AND FINANCIAL DISTRESS, THREATENING  TO  EXACER-
 BATE  THIS CRISIS. RENT COLLECTION LOSSES, LABOR SHORTAGES, CONSTRUCTION
 DELAYS, COST OVERRUNS, INTEREST RATES AND RISING  INSURANCE  COSTS  HAVE
 CAUSED  A SIGNIFICANT INCREASE IN OPERATING EXPENSES, WHICH ARE JEOPARD-
 IZING THE AVAILABILITY TO TENANTS OF AFFORDABLE HOUSING UNITS  AND  EVEN
 THE  VIABILITY  OF SOME BUILDINGS. EXISTING PRESERVATION PROGRAM FUNDING
 IS LIMITED, AND THIS IDENTIFIED NEED IS NOT ELIGIBLE FOR  SUCH  FUNDING.
 THE  LEGISLATURE THEREFORE FINDS THAT A PROGRAM SHOULD BE ESTABLISHED TO
 PROVIDE NEEDED CAPITAL FUNDS AND  DEBT  RESTRUCTURING  TO  ENSURE  THESE
 AT-RISK AFFORDABLE HOUSING PROPERTIES REMAIN AVAILABLE TO TENANTS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15597-01-4
              

co-Sponsors

2023-S9380A (ACTIVE) - Details

See Assembly Version of this Bill:
A10293
Current Committee:
Senate Finance
Law Section:
Private Housing Finance Law
Laws Affected:
Add Art 33 §§1300 - 1307, Priv Hous Fin L

2023-S9380A (ACTIVE) - Summary

Creates an affordable housing relief fund program to preserve affordable multifamily residential properties located in New York state.

2023-S9380A (ACTIVE) - Sponsor Memo

2023-S9380A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9380--A
 
                             I N  S E N A T E
 
                               May 14, 2024
                                ___________
 
 Introduced  by Sen. KAVANAGH -- read twice and ordered printed, and when
   printed to be committed to the Committee on Housing, Construction  and
   Community  Development  -- 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 creating
   an affordable housing  relief  fund  program  to  preserve  affordable
   multifamily residential properties 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
 article 33 to read as follows:
                               ARTICLE XXXIII
                  AFFORDABLE HOUSING RELIEF FUND PROGRAM
 SECTION 1300. STATEMENT OF LEGISLATIVE FINDINGS.
         1301. DEFINITIONS.
         1302. AFFORDABLE HOUSING RELIEF FUND PROGRAM.
         1303. PROGRAM CRITERIA.
         1304. FUNDING CRITERIA.
         1305. AFFORDABILITY PROTECTION.
         1306. FUNDING.
         1307. ANNUAL REPORT.
   § 1300. STATEMENT  OF  LEGISLATIVE FINDINGS. THE LEGISLATURE FINDS AND
 DECLARES THAT THERE EXISTS A SERIOUS  SHORTAGE  OF  SAFE  AND  HABITABLE
 AFFORDABLE  HOUSING  IN  NEW  YORK STATE FOR PERSONS AND FAMILIES OF LOW
 INCOME. A PORTION OF THE AFFORDABLE, MULTIFAMILY  HOUSING  STOCK  IS  IN
 OPERATIONAL AND FINANCIAL DISTRESS, THREATENING TO EXACERBATE THIS SHOR-
 TAGE. RENT COLLECTION LOSSES, RISING INTEREST RATES AND INSURANCE COSTS,
 AND  OTHER  FACTORS  HAVE  CAUSED  SIGNIFICANT  INCREASES  IN  OPERATING
 EXPENSES, WHICH MAY JEOPARDIZE THE AVAILABILITY TO TENANTS OF AFFORDABLE
 HOUSING UNITS OR EVEN THE VIABILITY OF SOME BUILDINGS. EXISTING  PRESER-
 VATION  PROGRAM  FUNDING  IS  LIMITED, AND DISTRESSED AFFORDABLE HOUSING
 PROPERTIES MAY NOT BE ELIGIBLE FOR SUCH FUNDING. THE LEGISLATURE  THERE-
 FORE  FINDS THAT A PROGRAM SHOULD BE ESTABLISHED TO PROVIDE NEEDED CAPI-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15597-02-4
              

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.