What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
16 Co-sponsors
History
- 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.
Authorizes study of housing programs for low and middle income families; provides for a moratorium on the voluntary dissolution of limited profit, limited dividend and redevelopment housing companies
In Senate Committee · Housing, Construction And Community Development · Sponsor Thomas K. Duane
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A9969
Title of bill
An act authorizing the New York state division of hous- ing and community renewal to study state and locally aided housing programs and make recommendations for the preservation, modernization, and increase in the supply of such housing; to amend the private housing finance law, in relation to providing a moratorium on the voluntary dissolution of limited profit, limited dividend and redevelopment hous- ing companies; and providing for the repeal of certain provisions upon the expiration thereof
Purpose or general idea of bill
This legislation would establish a temporary moratorium, expiring at the end of 2010, on the dissolution of any state or locally aided housing company, without the consent. This moratorium would enable the NYS Division of Housing and Community Renewal (DHCR) to complete its work and make recommendations.
Summary of specific provisions
Sections 2, 3 and 4 requires DHCR to conduct a study of state and locally funded low and middle income hous- ing programs. The DHCR is required to report back to the Governor and the Legislature within one year with its findings, conclusions and recommendations and propose legislation to implement its recommenda- tions.
Section 5 amends Section 35 of the private housing finance law by adding a new subdivision 5 which provides that notwithstanding any provision of this section, no company shall be voluntarily dissolved without the consent of the commissioner or supervising agency, as the case may be, until December 31, 2010.
Section 6 amends Section 96 of the private housing finance law by adding subdivision 3 which provides that notwithstanding any other provisions of this section, no company shall be voluntarily dissolved or termi- nated, without the consent of the commissioner until December 31, 2010.
Section 7 amends Section 96 of the private housing finance law to provide that notwithstanding any other provision of this section, no company shall be voluntarily dissolved or terminate without the consent of the local legislative body until December 31, 2010.
Justification
New York State is in the midst of an affordable housing crisis, with the unmet need for affordable housing presently greater than at any time in the state's history. Among other factors fueling the erosion of our affordable housing stock is the fact that thousands of Mitchell-Lama and other state and locally aided, limited equity cooper- ative and rental apartments are facing extinction.
For more than a half a century, New York State and its localities have invested in the creation of low and middle income housing to benefit those most in need, as well as to benefit state and local economies.
However, in many cases, such housing has fallen into disrepair or is being rendered unaffordable due to statutory provisions allowing owners to dissolve such housing companies without reimbursing the government for the enhanced value made possible by its contributions.
This legislation would establish a temporary moratorium, expiring at the end of 2010, on the dissolution of any state or locally aided housing company, without governmental consent. This moratorium would enable the DHCR to complete its work and make recommendations to the Legislature.
When the moratorium it establishes expires, New York State will have a blueprint for the preservation, modernization, and expansion of such affordable developments now and into the future.
Legislative history
A6706/S2171 of 2009
Fiscal implications
Minimal.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.