Bill Text: NY A04765 | 2023-2024 | General Assembly | Introduced

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Bill Title: Relates to waivers of rent adjustments attributable to major capital improvements.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2024-01-03 - referred to housing [A04765 Detail]

Download: New_York-2023-A04765-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          4765

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    February 23, 2023
                                       ___________

        Introduced  by  M.  of  A. L. ROSENTHAL -- read once and referred to the
          Committee on Housing

        AN ACT to amend the administrative code of the  city  of  New  York,  in
          relation to waivers of rent adjustments

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivision dd of section 11-243 of the administrative code
     2  of the city of New York, as added by local law number 41 of the city  of
     3  New York for the year 1988, is amended to read as follows:
     4    dd.  [Partial waiver] Waiver of rent adjustments attributable to major
     5  capital improvements. (1) The provisions of this  subdivision  apply  to
     6  and are additional requirements for claiming or receiving any tax abate-
     7  ment under this section, except as provided in paragraphs three and four
     8  of this subdivision.
     9    (2)  The owner of the property shall file with the department of hous-
    10  ing preservation and development, on the date any application for  bene-
    11  fits  is  made,  a  declaration stating that in consideration of any tax
    12  abatement benefits which may be received pursuant  to  such  application
    13  for  alterations  or  improvements constituting a major capital improve-
    14  ment, such owner agrees to waive the collection of  a  [portion  of  the
    15  total  annual  amount of any] rent adjustment attributable to such major
    16  capital improvement which may be granted by the New York state  division
    17  of housing and community renewal pursuant to the rent stabilization code
    18  equal  to  [one-half  of]  the  total annual amount of the tax abatement
    19  benefits which the property receives pursuant to such  application  with
    20  respect  to such alterations or improvements. Such waiver shall commence
    21  on the date of the first collection of such  rent  adjustment,  provided
    22  that,  in the event that such tax abatement benefits were received prior
    23  to such first collection,  the  amount  waived  shall  be  increased  to
    24  account  for  such  tax  abatement benefits so received.   Following the
    25  expiration of a tax abatement for alterations or improvements constitut-

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09070-01-3
        A. 4765                             2

     1  ing a major capital improvement for which a  rent  adjustment  has  been
     2  granted by such division, the owner may collect the full amount of annu-
     3  al  rent  permitted  pursuant  to  such  rent adjustment. A copy of such
     4  declaration  shall be filed simultaneously with the New York state divi-
     5  sion of housing and community renewal. Such declaration shall be binding
     6  upon such owner, and his or her successors and assigns.
     7    (3) The provisions of this subdivision shall not apply to  substantial
     8  rehabilitation  of buildings vacant when alterations or improvements are
     9  commenced or to buildings rehabilitated with the substantial  assistance
    10  of city, state or federal subsidies.
    11    (4) The provisions of this subdivision shall apply only to alterations
    12  and improvements commenced after its effective date.
    13    § 2. This act shall take effect immediately.