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History
- Substituted by S6753
- Advanced to third reading cal.933
- Reported
- Reported referred to ways and means
- 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 establishing rents in respect of certain loans to owners of multiple dwellings; effective date thereof
Signed by Governor · Sponsor Pedro Espada Jr.
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A10986
Title of bill
An act to amend chapter 449 of the laws of 1986 amending the private housing finance law relating to establishing initial rents in respect of certain loans to owners of existing multiple dwellings, in relation to the effective date thereof
Summary of provisions
This bill extends the existing authority of the local housing agency in the city of New York to restructure rents in residential buildings that have received low-interest, municipally-fi- nanced rehabilitation loans under Article 8 of the Private Housing Finance Law ("PHFL"). Currently, the ability to restructure rents expires on June 30, 2010. This extender would be effective for loans closed on or before June 30, 2014. JUSTIFICATION: Chapter 133 of the Laws of 2006 extended the ability of the local housing agency in the City of New York, the Department of Housing Preservation and Development ("HPD"), to restructure rents in dwelling units rehabilitated after June 30, 2002. This authority expires on June 30, 2010. This legislation extends this authority to June 30, 2014, thereby allowing HPD to contin- ue effectively utilizing Article 8 of the PHFL as an essential tool for the rehabilitation of affordable housing in New York City.
The extension of this rent restructuring authority is crucial in allow- ing for the payment of a building's monthly operating costs and debt service and for multiple dwellings receiving Article 8 rehabilitation loans to be preserved as affordable housing
Prior legislative history
New Bill
Fiscal implications
None to the State
Effective date
This act shall take effect immediately; provided, however, that if this act shall have become a law after June 30, 2010, it shall be deemed to have been in full force and effect on and after June 30, 2010.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.