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Sponsors
No co-sponsors yet.
History
- Substituted by A2498
- Ordered to third reading cal.1435
- Referred to rules
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.
Provides for the declaration of housing emergencies for rental housing accommodations located in buildings owned by certain limited-profit housing companies
Senate Floor Calendar · Sponsor J. Gary Pretlow
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S8431
Title of bill
An act to amend the emergency tenant protection act of nineteen seven- ty-four, in relation to the declaration of housing emergencies for rental housing accommodations located in buildings owned by certain limited-profit housing companies
Purpose of bill
The purpose of this bill is to protect tenants living in Mitchell-Lama buildings initially occupied after January 1, 1974 by allowing locali- ties to extend rent stabilization to these buildings after they leave the supervision of the State.
Summary of provisions
This bill authorizes localities to declare a housing emergency for rental units in buildings which were owned by a company established under Article 2 of the Private Housing Finance Law which are no longer owned by such company by reason of a voluntary dissolution.
Effects of present law which this bill would alter
Localities cannot currently declare a housing emergency in buildings initially occupied after January 1, 1974. This bill would allow such a declaration to make for all Mitchell-Lama buildings that leave State supervision as a result of a voluntary dissolution pursuant to section 35 of the Private Housing Finance Law, regardless of the date of initial occupancy.
Justification
Many limited-profit housing companies are exercising their option to pre-pay their State subsidized mortgages and "buy-out" of the Mitchell- Lama moderate income housing program. In the event of a buy-out, exist- ing tenants will face eviction if they cannot afford the new market-rate rents in these buildings, this legislation seeks to ensure that these tenants can continue to afford to live in their current apartments.
Legislative history
New.
Fiscal implications for state and local governments
None to the State.
Effective date
Immediately and shall apply to all housing companies that dissolve on, before and after the date of enactment.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.