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History
- Signed chap.142
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading cal.933
- Substituted for A10986
- Referred to housing
- Delivered to assembly
- Passed senateVote 56–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.181
Show 1 earlier action
- Referred to housing, construction and community development
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
Assembly Floor Calendar · Sponsor Vito Lopez
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
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-financed 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.
Reasons for support
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 continue 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 allowing 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.
Accordingly, the Mayor urges the earliest possible favorable consideration of this proposal by the Legislature.
Effective date
Immediately, with provisions.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.