Senate Bill S880

2025-2026 Legislative Session

Enacts the housing development fund company self-determination, preservation and affordability act

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Sponsored By

Current Bill Status - In Senate Committee Housing, Construction And Community Development 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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2025-S880 (ACTIVE) - Details

See Assembly Version of this Bill:
A2707
Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §§573, 576, 577 & 577-b, Priv Hous Fin L
Versions Introduced in 2023-2024 Legislative Session:
S9950

2025-S880 (ACTIVE) - Summary

Enacts the housing development fund company self-determination, preservation and affordability act to clarify certain provisions relating to the dissolution and reincorporation of housing development fund companies; provides for tax exemptions and abatements for housing development fund companies.

2025-S880 (ACTIVE) - Sponsor Memo

2025-S880 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    880
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 8, 2025
                                ___________
 
 Introduced  by  Sen. JACKSON -- 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 enacting
   the  housing development fund company self-determination, preservation
   and affordability act
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Short  title. This act shall be known and may be cited as
 the "housing development fund company  self-determination,  preservation
 and affordability act".
   §  2.  Legislative findings and declarations. 1. In 1966, the Legisla-
 ture enacted Article 11 of the private housing finance law.  Article  11
 authorized  the  development  of  rental and cooperative housing that is
 subject to certain income restrictions. The  type  of  income-restricted
 housing is referred to as housing development fund companies (HDFCs).
   2.  Beginning  in the early 1980s, New York city adopted the HDFC form
 of housing cooperative as a means to divest itself of -- and  revitalize
 --  its  tax-foreclosed multi-family housing stock. At the time the city
 was experiencing large-scale abandonment of its private low and  middle-
 income  multi-family  housing stock. In response to this housing crisis,
 the city determined to turn over the ownership and  management  of  many
 city-owned  tax-foreclosed multifamily buildings to the existing tenants
 in the form of HDFC co-ops.
   3. Previously, the city sold at auction nearly all of  its  tax-forec-
 losed  multi-family property to private investors - and that traditional
 approach to disposing of tax foreclosed property had led to an  acceler-
 ating  cycle  of  housing disinvestment and abandonment. The city's HDFC
 initiative was in the city's own interests: it enabled the city to avoid

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02813-01-5
              

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