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Sponsors
Senator · Senate District 57
No co-sponsors yet.
History
- Substituted by A9364
- Advanced to third reading
- 2nd report cal.
- 1st report cal.890
- Referred to local government
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.
Extends certain provisions relating to buildings that are part of urban development action area projects and are rehabilitated with municipal loans
Signed by Governor · Sponsor Keith L.T. Wright
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7021
Title of bill
An act to amend chapter 613 of the laws of 1996, amending the general municipal law relating to buildings that are part of urban development action area projects and are rehabilitated with municipal loans, in relation to the effectiveness thereof
Summary of provisions
This bill would amend section two of chapter 613 of the laws of 1996 to extend the sunset of § 696-a of the General Municipal Law from June 30, 2014 to June 30, 2018 to grant municipalities the authority to restructure the rents of dwelling units in municipally-owned buildings that have been rehabilitated with the aid of a loan made pursuant to the above section. Currently the ability to restructure rents expires on June 30, 2014. This legislation would extend this authority to June 30, 2018.
Reasons for support
Municipalities are currently authorized to restructure existing rents in dwelling units in residential buildings owned by the private sector or by housing development fund companies that have received rehabilitation loans and have completed rehabilitation pursuant to Articles 8, 8A, 11 and 15 of the Private Housing Finance Law. Since 1996, section 696-a of the General Municipal Law has also authorized rehabilitation loans for the development of affordable housing in municipally owned multiple dwellings and the restructuring of rents following rehabilitation. The ability to restructure rents is necessary for the operation of an affordable housing development program.
In order to create sufficient building income to pay the building's maintenance and operating costs and debt service on private or City financing, the ability to restructure rents is essential. Rent restructuring authority in Article 16 of the General Municipal Law has been indispensable to the development of permanent affordable housing in the City of New York.
The legislation will significantly enhance the City's ability to continue to provide affordable housing following rehabilitation of City-owned municipal dwellings. 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.