What's happening
This bill amends the private housing finance law to update tax arrears criteria, extend loan terms, and require annual maintenance charge increases for certain housing developments.
Why it matters
Expands eligibility for payment plans. By changing the requirement from having tax arrears as of a fixed past date to having any outstanding municipal taxes from any prior period, more housing developments can now qualify for these relief programs—potentially helping developments currently struggling with tax debt.
Allows for longer loan repayment. Extending the maximum term for loans from 30 to 40 years reduces annual payment burdens for housing companies, which may help preserve affordable housing by making it easier to manage large arrears over time.
Adds new protections for lenders. By subordinating suspended tax arrears to new loans, the bill makes it easier for housing development fund corporations to secure additional financing, which can be critical for needed repairs, upgrades, or stabilization.
Mandates regular maintenance charge increases. Requiring at least a 2% annual increase in maintenance charges (or equivalent assessments) ensures that buildings generate sufficient income to meet their obligations, potentially reducing risk of future financial shortfalls that could threaten building maintenance or resident stability.
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Who cares
Headline styles
Make Tax Arrears Easier
Plain English, a few words. Used as the page title.
Sponsors
3 Co-sponsors
History
- Referred to housing
- Referred to housing
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.
Extend Tax Payment Terms
In Senate Committee · Housing, Construction And Community Development · Sponsor Robert Jackson
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6992
2019-2020 Regular Sessions
IN ASSEMBLY
April 3, 2019
Introduced by M. of A. EPSTEIN -- read once and referred to the Committee on Housing
AN ACT to amend the private housing finance law, in relation to the payment of arrears for certain taxes
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Paragraph (b) of subdivision 1 and subparagraphs 1 and 9 of paragraph (b) of subdivision 2 of section 577-b of the private housing finance law, paragraph (b) of subdivision 1 as amended by chapter 225 of the laws of 2004 and subparagraphs 1 and 9 of paragraph (b) of subdivision 2 as added by chapter 315 of the laws of 2002, are amended and paragraph (b) of subdivision 2 is amended by adding a new subparagraph 4-a to read as follows:
(b) [on January first, two thousand two, had] has outstanding municipal real estate taxes relating to any prior period [prior to January first, two thousand one].
(1) a term of [thirty] forty years;
(4-a) that suspended arrears shall be subordinated to any loan obtained by the housing development fund corporation for allowable purposes;
(9) that the company shall be required to increase maintenance charges by a minimum of two percent per year or impose assessments to insure that the company can provide for its obligations.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10645-02-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.