Skip to content
S6885Senate2013-2014 SessionSame asA9362

Extends the expiration of authority granted to the city of New York to restructure rent for units in multiple dwellings getting loans to remove substandard conditions

Sponsor Catharine YoungSD-57Affects Finance
Status
Signed by Governor
Impact
Pending
Outcome
Signed into law

Bill progress

Signed into law

What's happening

Writing a plain-English summary… Track this bill to get it by email.

Why it matters

The daily · weekday mornings

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

Primary sponsor
Catharine Young

Senator · Senate District 57

Chair, Housing, Construction And Community Development

No co-sponsors yet.

History

  1. Signed chap.76
  2. Delivered to governor
  3. Returned to senate
  4. Passed assembly
  5. Ordered to third reading cal.717
  6. Substituted for A9362
  7. Referred to ways and means
  8. Delivered to assembly
  9. Passed senateVote 59–0
  10. Advanced to third reading
  11. 2nd report cal.
  12. 1st report cal.382
Show 1 earlier action
  1. 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.

A9362Assembly

Extends the expiration of authority granted to the city of New York to restructure rent for units in multiple dwellings getting loans to remove substandard conditions

Assembly Floor Calendar · Sponsor Dan Quart

Full text

The text isn't available here yet. Check nysenate.gov.

Sponsor's memo

BILL NUMBER:S6885

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 insanitary conditions, in relation to the effectiveness thereof

Summary of provisions

This bill amends the Private Housing Finance Law ("PHFL") to extend the authority 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, 2014. This extender would be effective for loans closed on or before June 30, 2018.

Reasons for support

Chapter 137 of the Laws of 2010 extended the authority 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, 2014. This legislation extends this authority to June 30, 2018.

It is essential that the City of New York continue to have the authority 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.

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.