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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to housing, construction and community development
- Referred to housing, construction and community development
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the private housing finance law, in relation to the reserves for the retirement of stocks and debentures
Summary of provisions
This bill requires a sinking fund to be authorized only when the earnings of a housing company exceed six percent. In addition, any deposits to the sinking fund shall not be a factor in the determination of rents and not to be considered, therefore, an operating expense.
Justification
The current practice of housing companies allows sinking funds to be factored into rent increases because the funds are considered to be an operating expense. This places an onerous burden On the tenants of limited-profit housing company developments. Since the sinking fund deposits are not true operating expenses, they should not be factored into the determination of rents.
Fiscal implications
None.
Effective date
This act shall take effect on the first of July next succeeding the date on which it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.