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Who cares
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Sponsors
1 Co-sponsor
History
- Signed chap.138
- Delivered to governor
- Returned to assembly
- Passed senateVote 61–0
- 3rd reading cal.627
- Substituted for S6843
- Referred to finance
- Delivered to senate
- Passed assembly
- Advanced to third reading cal.961
- Reported
- Reported referred to ways and means
Show 1 earlier action
- Referred to housing
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to urban development action area projects rehabilitated by municipal loans; effective date
Senate Floor Calendar · Sponsor Pedro Espada Jr.
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A10728
Title of bill
An act to amend chapter 613 of the laws of 1996, amend- ing the general municipal law relating to buildings that are part of urban development action area projects and are rehabilitated with munic- ipal loans, in relation to the effectiveness thereof
Summary of provisions
This bill would extend the sunset provision of Section 696-a of Article 16 of the General Municipal Law, which grants municipalities the authority to restructure the rents of dwelling units in municipally-owned buildings which have been rehabilitated with the aid of a loan made pursuant to chapter 613 of the Laws of 1996.
Reasons for support
Municipalities are currently authorized to restructure existing rents in dwelling units in residential buildings owned by the private sector or by housing development fund companies that have received rehabilitation loans and have completed rehabili- tation pursuant to Articles 6, 8A, 11 and 15 of the Private Housing Finance Law. Since 1996, Section 696-a of the General Municipal Law has also authorized rehabilitation loans for the development of affordable housing in municipally owned multiple dwellings and the restructuring of rents following rehabilitation. The ability to restructure rents is necessary for the operation of an affordable housing development program.
In order to create sufficient building income to pay the building's Maintenance and operating costs and debt service on private or City Financing, the ability to restructure rents is essential. Rent restruc- turing authority in Article 16 of the General Municipal Law has been indispensable to the development of permanent affordable housing in the City of New York.
The legislation will significantly enhance the City's ability to contin- ue to provide affordable housing following rehabilitation of City-owned municipal dwellings.
Fiscal implications
None to State
Effective date
This act shall take effect immediately
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.