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Sponsors
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History
- Substituted by A10705
- Advanced to third reading
- 2nd report cal.
- 1st report cal.626
- Reported and committed to finance
- 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 small loans to owners of multiple dwellings to remove substandard or insanitary conditions; effective date
Signed by Governor · Sponsor Vanessa Gibson
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend chapter 777 of the laws of 1986, amending the private housing finance law relating to small loans to owners of multiple dwellings to remove substandard or unsanitary conditions, in relation to the effectiveness thereof
Summary of provisions
This bill amends the Private Housing Finance Law ("PHFL"), to extend the ability of the local housing agency in the City of New York to restructure rents in multiple dwellings that are receiving Article 8-A rehabilitation loans. Such rent restructuring authority currently expires on June 30, 2010. This extender would be effective for loans closed on or before June 30, 2014.
Reasons for support
Chapter 134 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 establish initial rents in multiple dwellings that are receiving Article 8-A rehabilitation loans. Such rent restructuring authority currently expires on June 30, 2010. This legislation extends this authority to June 30, 2014.
It is essential that the City of New York continue to have the ability to restructure rents for its programs that provide low-interest loans for affordable housing rehabilitation. Rent restructuring is an important tool in ensuring that monthly operating costs and debt service payments will continue to be paid, thereby preventing the abandonment of residential buildings. Such authority is an important component in HPD's rehabilitation programs and is codified in other rehabilitation statutes such as Articles 8, 11 and 15 of the Private Housing Finance Law and Article 16 of the General Municipal Law.
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.