Bill Text: NY A04898 | 2019-2020 | General Assembly | Introduced

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Bill Title: Relates to additional information required in annual reports for limited-profit housing companies.

Spectrum: Partisan Bill (Democrat 13-0)

Status: (Passed) 2019-11-25 - signed chap.539 [A04898 Detail]

Download: New_York-2019-A04898-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          4898
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 5, 2019
                                       ___________
        Introduced  by  M.  of  A. BLAKE, BARRON, BUCHWALD, COOK, MOSLEY, ORTIZ,
          PICHARDO, SIMON, TAYLOR -- Multi-Sponsored by -- M. of  A.  WRIGHT  --
          read once and referred to the Committee on Housing
        AN  ACT  to  amend the private housing finance law, in relation to addi-
          tional information required in annual reports for limited-profit hous-
          ing companies
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Section 32-b of the private housing finance law, as added
     2  by chapter 216 of the laws of 1978, is amended to read as follows:
     3    § 32-b. Annual reports. The commissioner shall, on or before the first
     4  day of July in each year, submit a report to the legislature, the  state
     5  comptroller,  and  the attorney general on the implementation of article
     6  two of this chapter by the commissioner and the supervising  agency  and
     7  the policy included therein. Such report shall include and not be limit-
     8  ed to rent and carrying charge levels, changes therein, operation of the
     9  state  capital grant program and federal subsidy programs, tax abatement
    10  levels, total capital outlay,  amortization,  mortgage  interest  rates,
    11  income  levels served by the housing, surcharge billings and collections
    12  and use of surcharge revenues, and vacancy rates.    Such  report  shall
    13  also  include  information  regarding any limited-profit housing company
    14  that has voluntarily dissolved in the preceding calendar year,  and  any
    15  limited-profit  housing  company  that  has  filed a notice of intent to
    16  dissolve in the current calendar year  with  the  commissioner  and  the
    17  supervising  agency.  This information shall include, but not be limited
    18  to, the name and address of the development, the number of units in  the
    19  development,  a range of amounts of rent offered in the development, the
    20  number of tenants in the development, the current vacancy  rate  in  the
    21  development,  income  levels  served  by  the  development, how long the
    22  limited-profit housing company has participated in the program, and  any
    23  sales  or  transfers that have occurred since the limited-profit housing
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08778-01-9
        A. 4898                             2
     1  company was created. For the  purpose  of  preparing  such  report,  the
     2  commissioner  may  request,  and shall receive, from any municipality or
     3  supervising agency such data as he deems necessary or desirable and such
     4  municipality  or  supervising  agency  shall  furnish the requested data
     5  within sixty days of such request.
     6    § 2. This act shall take effect immediately.