What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
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
Senator · Senate District 57
No co-sponsors yet.
History
- Substituted by A9363
- Advanced to third reading
- 2nd report cal.
- 1st report cal.779
- 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.
Extends provisions of chapter 84 of the laws of 1993, relating to the establishment of initial rents in housing accommodations rehabilitated with loans to housing development companies
Signed by Governor · Sponsor Walter T. Mosley
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7065
Title of bill
An act to amend chapter 84 of the laws of 1993, amending the private housing finance law relating to establishment of initial rents in housing accommodations rehabilitated with loans to housing development companies, in relation to the effectiveness thereof
Summary of provisions
This bill extends the existing authority of the local housing agency in the City of New York, the Department of Housing Preservation and Development to restructure rents for housing development fund companies that have purchased and are rehabilitating occupied multiple dwellings pursuant to Article 11 of the Private Housing Finance Law. Currently, the ability to restructure rents expires on June 30, 2014. This legislation extends such authority to June 30, 2018.
Reasons for support
Many residential buildings proposed for acquisition and rehabilitation by housing development fund companies are not economically viable without a restructuring of the rents. Rent restructuring authority is essential to ensure that the rents are adequate to cover the monthly operating costs of the building and the debt service of the low interest rehabilitation loans. Rent restructuring authority exists in other statutes utilized by the City of New York's Department of Housing Preservation and Development, such as Articles 8, 8-A and 15 of the Private Housing Finance Law and Article 16 of the General Municipal Law. Such authority has been essential in rehabilitating existing multiple dwellings and providing affordable housing for residents of New York City.
Extending the rent restructuring authority of Article 11 will significantly enhance the City of New York's ability to provide permanent housing for low income families and individuals that reside in buildings owned and rehabilitated by housing development fund companies.
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.